RBS Shares Plunge By 7% on £8.2bn Loss and £576m Banker Bonuses
The Royal Bank of Scotland's shares have plunged by nearly 7% on the market open after the part-nationalised lender reported a £8.2bn loss for 2013.
The RBS stock price fell to just over 330p while analysts at Morgan Stanley downgraded the target price to 300p from 323p.
RBS received a taxpayer funded £45bn (€54bn, $73bn) bailout in 2008, which eventually led it to be 81% owned by the government.
2013 Results Summary
Pre-tax loss: £8.2bn
Regulatory and redress provisions: £3.8bn
Retail & Commercial: Down 4% to £4bn
Markets division: Down 58% to £638m
Non-Core losses: Down 27% to £2.1bn
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