Bloomberg: RBS plummets
Shares in Royal Bank of Scotland Group Plc fell as much as 12 percent in London trading after the bank reported a net loss of £1.98 billion ($2.77 billion), its eighth annual loss. The bank, in which the U.K. government has a majority stake, said that it expected income to decline at its investment bank unit in 2016. Chairman of the bank, Howard Davies, said that his firm is not pursuing highly paid investment bankers anymore as the securities unit shrinks. Shares in RBS were trading 8.2 percent lower at 11:04 a.m. in London.