- Posting its seventh straight annual loss, Royal Bank of Scotland (NYSE:RBS) reported a £3.47B net loss for 2014 after booking a £4B writedown on the value of U.S. offshoot Citizens.
- The bank also named Howard Davies as chairman. Davies, the former head of the now-defunct Financial Services Authority, succeeds Philip Hampton, who is to replace Christopher Gent as chairman of GlaxoSmithKline (NYSE:GSK).
- Previously: Sir Howard Davies set to take chairman's role at RBS (Feb. 23 2015)
RBS reports annual loss on Citizens writedown
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