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2017.02.2404:26:00UTC+00RBS Outlines Cost Cutting Strategy on Extended Losses

Britain's Royal Bank of Scotland Group Plc, mapped out a plan to implement cost-cutting measures to save the bank over 2 billion pounds in expenses over the next for years as the taxpayer-owned lender suffered its nine consecutive annual loss.

The lender's net loss widened to 6.96 billion pounds in 2016 from 1.98 billion pounds in the previous year. RBS has accumulated over 58 billion pounds of losses since 2009.

Adjusted operating profit came in at 3.67 billion pounds, surpassing the 3.1 billion-pound estimate of analysts.

CEO Ross McEwan continues to be embroiled in previous scandals after RBS needed a 45.5 billion pound bailout from British taxpayers, as he attempts to control the surging costs associated to regulatory investigations and the scrapped sale of its Williams & Glyn unit.

Under his turnaround plan, McEwan looks to strip down RBS to a smaller, domestic and commercial bank. The bank's original plan to lower cost-to-income ratio to under 50% by 2020 suffered a setback after the Bank of England slashed rates in 2016.

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