Investment Banking

RBS's shrunken CIB unit has rare reason for cheer

Corporate and institutional division posts core quarterly profit for first time in more than a year

RBS's shrunken CIB unit has rare reason for cheer
Photo: iStockPhoto

Royal Bank of Scotland's corporate and institutional banking arm gave the UK lender rare reason to cheer despite a huge group-level loss in the second quarter.

The division posted its first underlying quarterly profit in more than a year and its highest revenues since group chief executive Ross McEwan ditched the 'standalone investment bank' approach and embarked on a drive to shrink the business.

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