Royal Bank of Scotland's corporate and institutional banking unit remained in the red in the first three months of 2016 as the bank's efforts to drastically scale back the unit and strong headwinds for its rates and financing businesses weighed on its results.

RBS said on April 29 that revenues at the CIB unit, excluding the effects of accounting adjustments based on its own credit spreads, dropped 37% to £277 million from £442 million in the first quarter of 2015. It cited lower rates and financing revenues in the face of "difficult market conditions" and the "reduced scale" of its business.