RBS: Annual Results 2014 

RBS reports an attributable loss of £3,470 million in 2014, compared with a loss of £8,995 million in 2013. The result included a loss from discontinued operations of £3,445 million, which reflected a £3,994 million fair value write-down in relation to the reclassification of Citizens to disposal groups, and a tax charge of £1.9 billion which included a £1.5 billion write-off of deferred tax assets.

Operating profit totalled £3,503 million for 2014, compared with an operating loss of £7,500 million in 2013. This reflected improved operating results from the core domestic businesses together with significant impairment releases in Ulster Bank and RBS Capital Resolution (RCR).

Changes in our CIB business

Within the overall strategic shape outlined for CIB in 2014, RBS is making further changes to improve its medium-term returns, building a stronger, safer and more sustainable business, focused mainly on UK and Western European customers, both corporates and financial institutions, supported by trading and distribution platforms in the UK, US and Singapore.

New chairman announced

Sir Howard Davies appointed to succeed Philip Hampton as RBS Chairman

Management changes announced

Today announced the following changes to management team:

Rory Cullinan will become Executive Chairman of CIB & Capital Resolution. He is currently CEO of RBS Capital Resolution Group (CRG).
Donald Workman has been appointed as Executive Chairman, Private Banking.
Rory Tapner, Chief Executive of Coutts, will step down and leave the bank, with immediate effect.

Source: RBS – Annual Results 2014 and related announcements

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