Royal Bank of Scotland makes $5.4 billion loss after taking hit on value of US business

LONDON: Royal Bank of Scotland reported a 2014 loss of 3.5 billion pounds ($5.4 billion), hit by a writedown on the value of its US business Citizens and new charges relating to foreign exchange investigations and mis-selling.

The loss compared with an attributable loss of 9 billion pounds the previous year.

RBS, which is 79 percent-owned by the British taxpayer, also announced the appointment of ex-financial regulator Howard Davies as its new chairman. ($1 = 0.6437 pounds)