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).
Watch a video of our CEO, Ross McEwan, talking about our results:
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.
Read about the changes to the CIB business on our strategy hub.
We have today announced the following changes to our 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.
Conference call replays
Replays can be accessed two hours post event. Replay facilities will be available until Friday 13 March 2015. To access a replay dial-in from the following telephone numbers and use the appropriate access code from the list below:
UK free call dial: 0800 953 1533
International dial: +44 (0) 1452 550 000
Ireland local call dial: 01 431 9815
USA free call dial: 1 866 247 4222
Australia free call dial: 1 800 613 774
Hong Kong free call dial: 8009 013 93
Singapore free call dial: 8004 411 242
India free call dial: 1 800 300 089 80