Citizens parent posts $3b loss for quarter
The Royal Bank of Scotland Group said it lost $3 billion in the third quarter, amid continuing loan losses, including at Citizens Financial Group here in the United States.
The bank’s US operations lost $67 million in the quarter, after producing an operating profit of $187 million a year ago. Citizens, based in Providence, took $296 million in impairment charges for bad loans in the quarter, up from $258 million a year ago.
The Royal Bank, which is 84 percent owned by the British government after two large bailouts, earlier this week said it would not have to sell Citizens as part of its negotiations with regulators. But Citizens, it said in its report yesterday, is still suffering in the slow US economy.
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