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RBS to pull out of up to 20 countries and set to post £8bn loss

Royal Bank of Scotland is expected to reveal plans to pull out of up to 20 countries this week as it unveils losses of as much as £8bn.

According to the Sunday Times, new chief executive Ross McEwan is set to launch a five-year cost saving programme, called Project Cook, which is expected to save the bank up to £3bn a year.

The plan will see big chunks of RBS’ once lucrative investment bank being axed as McEwan looks to focus the bank’s attention on the UK.

Former chief executive Stephen Hester attempted to curb its foreign activities but the bank still operates in 38 countries.

Citizens, its American bank, is already stated for a stock market listing and McEwan is thought to be keen to sell RBS Greenwich, its American investment bank, which was the world’s largest trader of mortgage bonds at the peak of the sub-prime boom.

Analysts have told the Sunday Times that McEwan will set up a new small business banking division.



FOS ruling on unsuitable Ucis advice called into question

The way in which the Financial Ombudsman Service judges advice to invest in unregulated collective investment schemes has been called into question after it upheld a complaint from a high-net-worth and sophisticated investor. The FOS has seen a “steady increase” in Ucis complaints over the past six months and is currently reviewing around 800 complaints. […]


Claims chaser Rebus publishes another ‘adviser watch list’ despite concerns

Claims chaser Rebus Investment Solutions has released yet another “Adviser Watch List” despite solicitors warning that consumers should be wary of it. The latest instalment of Rebus’ watch list includes a selection of 10 networks and advisers that Rebus has tabled claims against. Rebus has published a new list despite solicitors warning it could give consumers […]

Dougy Grant, Aegon

Aegon axes protection director after eight months in senior reshuffle

Aegon UK has made its protection director redundant after just eight months as part of an overhaul of its protection team. John Wilkinson only joined the firm in June last year after working as head of protection and investments at Nationwide since 2005. Previously he was chief operating officer at Legal & General and spent […]

The Natixis Solution: H2O MultiReturns Fund

A product designed to bring some unique attributes to the crowded absolute return global macro space With diversification and risk management top of investors’ wish lists when it comes to alternatives, step forward the H2O MultiReturns Fund. H2O Asset Management is an independent boutique backed by Natixis Global Asset Management and has a 14-year track […]


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