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Infosys has said that Royal Bank of Scotland's decision to cancel a separate bank project in the UK will impact about 3,000 jobs. Even though the jobs will not be cut, the employees will have to be reallocated to other projects.<br />
<br /> It was last week that <keyword id="6371690" type="COMPANY" weightage="100" keywordseo="RBS">RBS</keyword> announced its decision to not go on with its plan to separate and list a new UK standalone bank, <keyword id="2873193" type="UNKNOWN" weightage="100" keywordseo="Williams-Glyn">Williams &amp; Glyn</keyword> (W&amp;G). Infosys was a key technology partner in the project.<br />
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"Infosys has been a W&amp;G program technology partner for Consulting, Application Delivery and Testing services, and subsequent to this decision, will carry out an orderly ramp-down of about 3,000 persons, primarily in India, over the next few months," said a statement from Infosys.<br />
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The statement added that RBS is a key relationship for Infosys, which is why the company is looking forward to further strengthening their strategic partnership and working with them across other strategic and transformation programmes.<br />
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As per market analysts, the deal cancellation would have an impact of around $40 million, which would further downgrade the IT giant’s revenue guidance for FY 2016-17.<br />
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<a href="http://data1.ibtimes.co.in/en/full/597831/infosys.jpg"><em>Image source</em></a><br />

RBS project scrap to affect 3,000 jobs, says Infosys

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Getty</span></p><p class="caption">Ross McEwan, Chief Executive of RBS (Royal Bank of Scotland) speaks to reporters and investors on February 27, 2014 in London, England.</p></div><p></p></div></div>The Royal Bank of Scotland <a href="http://uk.businessinsider.com/rbs-q1-results-dividend-and-treasury-payments-profit-and-loss-williams-and-glyn-2016-4">announced some pretty terrible results on Friday</a> where losses nearly doubled in the first quarter, compared to the same period last year.</p><p>But amongst the near £1 billion in losses, <span>Ian Fraser, author of the "</span><a href="http://www.birlinn.co.uk/Shredded.html">Shredded: Inside RBS, the Bank That Broke Britain</a>" said on BBC Radio Scotland that there are some positive points.</p><p>"[RBS CEO] Ross McEwan is always insisting there is a good bank inside, struggling to get out and there is some truth in that," he said in the <a href="http://www.bbc.co.uk/radioscotland">radio interview</a>.</p><p>He highlighted how <span>profit before tax of was at £421 million in the first quarter.</span></p><p><span>However he warned that "overall, the picture is disconcerting" for RBS.</span></p><p><span>"Yesterday [Thursday], RBS shocked the City of London by admitting that the plan to demerge Williams &amp; Glyn, which isn't really a separate bank because it has been part of RBS since the 1980s, has basically hit some serious obstacles. I hear from insider that the process in separating it, it s a disaster area," he said.</span></p><p><span>"The original bidder for W&amp;G - Santander - withdrew from the offer. It was rumoured that its IT was inadequate and 'medieval.' I think the issue with W&amp;G is a microcosm of the problems [RBS] is having."</span></p><p><span><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://uk.businessinsider.com/this-is-why-rbs-failed-as-an-investment-bank-2015-4#ixzz3cjdraQZw"><p class="source"><span>Reuters</span></p><p class="caption">Royal Bank of Scotland chief executive Ross McEwan.</p></a></div><p></p></div></div>Around seven years ago, RBS had to beg the government for a bailout<span>. Over 2008 and 2009 it borrowed £45.4 billion ($70.1 billion), worth 500p per share, from the taxpayer and it has yet to pay it back. Under the terms of its deal with the EU, RBS has to hive off W&amp;G, just like Lloyds did with the sale of retail unit TSB.</span></span></p><p><span><span><span>Late on Thursday, RBS said it is likely to miss the European deadline to sell off its </span><a href="http://www.theguardian.com/business/2016/apr/28/rbs-admits-delays-offloading-williams-and-glyn">challenger bank Williams &amp; Glyn by the end of 2017</a><span>. </span></span></span></p><p><span><span><span>Fraser said that hiving off W&amp;G is "highly complex" due to the challenger bank being within the retail bank at RBS and the "archaic" IT systems are causing problems for the entire bank, not just W&amp;G.</span></span></span></p><p><span><span><span>RBS said in its results on Friday that<span> it will be spending a lot more than an originally planned £1.7 billion on upgrading its technology. In 2013, millions of </span><span>customers were left unable to pay for goods and services or receive funds into their accounts, in the run-up to Christmas that year, due to a massive IT glitch.</span></span></span></span></p><p><span><span><span><span>But overall, Fraser rated RBS CEO Ross McEwan as "6 out of 10" for doing his job.</span></span></span></span></p><p><span><span><span><span>"I think one of McEwan's key goals is to get RBS to be the most trusted bank by 2020 - I would argue that he would struggle to do that. However, given the mess he inherited, he's doing a 6 out of 10 job," said Fraser.</span></span></span></span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/terrorists-groups-isis-make-money-billion-dollars-oil-2016-4">How ISIS makes over $1 billion a year</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="R0N2JleTqvRC6uEEi5Ey6TouNvj_gHDb" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Ian Fraser: RBS' challenger bank Williams & Glyn is a 'microcosm' of the bank's problems

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Getty</span></p><p class="caption">RBS CEO Ross McEwan.</p></div><p></p></div></div>RBS reported a loss of £469 million for the three months ending in September, the bank announced on Friday, blaming <a href="http://www.investegate.co.uk/royal-bk-scot-grp---rbs-/rns/interim-management-statement/201610280700136780N/">legal and restructuring costs for the loss.</a></p><p>The result compares with an operating loss of £14 million for the same period last year.</p><p>The bank warned that its results for the third quarter were "noisy," meaning that they would appear volatile due to asset sales and restructuring costs.</p><p>RBS CEO Ross McEwan said: "We've said that 2015 and 2016 would be noisy as we work through legacy issues and transform this bank for customers. These results reflect that noise."</p><p>The bank took several hits to its balance sheet in the quarter, here are the major points:</p><ul><li>£425 million of conduct and litigation charges;</li><li>£469 million of restructuring costs;</li><li>£300 million of deferred tax asset write-offs and £144 millio of impairments<strong>.</strong></li></ul><p>RBS also warned that it would <a href="http://uk.businessinsider.com/rbs-sale-of-williams-and-glyn-to-santander-collapse-2016-9">fail to meet the December 2017 deadline to spin-off Williams &amp; Glyn</a>, a condition of its 2008 government bailout.</p><p>RBS said "none of the proposals under discussion can deliver full separation and divestment by 31 December 2017. RBS is therefore in discussion with HM Treasury, and expects further engagement with the European Commission, to agree a solution with regards to its State Aid obligations."</p><p>RBS must sell W&amp;G as a condition of returning excess capital and dividends to investors. The bank is still almost three-quarters owned by the British government, despite the government gradually selling off small portions of the bank in the past two years.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/ryan-blair-rock-bottom-rock-star-business-skills-learned-from-being-in-a-gang-2016-10">These are the business skills you learn from being in a gang</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="xheXFzNjE6YraVZXLbXP1KkC2qrP4JKw" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

RBS lost £469 million in a 'noisy' quarter

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Getty</span></p></div><p></p></div></div>RBS' sale of its Williams &amp; Glyn unit - one of the key conditions it is required to fulfill after receiving a £46 billion bailout during the heart of the financial crisis - could be about to fail after Santander pulled out of negotiations to purchase it.</p><p>Talks between the two banks fell through after they failed to agree on a price for the sale of the Williams &amp; Glyn network, <a href="http://www.ft.com/cms/s/0/b2350fb0-7f3c-11e6-bc52-0c7211ef3198.html#axzz4KhdDZqYR">the Financial Times reported on Tuesday evening citing "people briefed on the process."</a></p><p>The business includes around 1.8 million personal banking customers and 250,000 small business accounts.</p><p>Williams &amp; Glyn was originally valued at around £1.9 billion, but it seems as though Santander is unwilling to pay that much. There is small hope for RBS that Santander could come back with another offer. "At the right price, we'll do the transaction," a person close to Santander told the FT.</p><p>This is not the first time that Santander has attempted to buy Williams &amp; Glyn without any success.<a href="https://www.theguardian.com/business/2012/oct/12/rbs-branch-sale-santander-falls-through"> In 2012, the bank pulled out of a deal at the last minute because of fears about losing customers and a breakdown in IT.</a> That deal was rumoured to be worth around £1.65 billion.</p><p>RBS must find a buyer for Williams &amp; Glyn and complete the sale before the end of 2017, or could face a substantial fine, or a forced sale of the business by the European Commission. </p><p>The Commission mandated that Williams &amp; Glyn must be divested from RBS' core business as a condition of the bailout it received during the financial crisis, when the British government stepped in to prevent the lender - <a href="http://uk.businessinsider.com/r-rbs-planning-to-cut-900-jobs-to-reduce-costs-sources-2016-6">which at one point was the biggest bank in the world in terms of total assets</a> - from collapsing.</p><p>RBS' chief executive Ross McEwan has said in the past that it must sell W&amp;G as a condition of returning excess capital and dividends to investors.</p><p>RBS is still almost three-quarters owned by the British government, despite the government gradually selling off small portions of the bank in the past two years.</p><p>Shares in RBS and Santander both seem largely unaffected by the news, and around 8:25 a.m. BST (3:25 a.m. ET) RBS has gained almost 1%, while Santander has picked up by more than 2.2%. Here's how RBS looks:</p><p><span><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Investing.com</span></p></div><p></p></div></div></span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/krugman-financial-markets-arent-taking-trump-seriously-2016-8">KRUGMAN: Financial markets aren't taking a Trump victory very seriously</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="RrNXdtNTE6A2yVb-FAhQwFsUcSxyV1lf" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

One of the key conditions of RBS' £46 billion bailout is on the brink of failure

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://uk.businessinsider.com/this-is-why-rbs-failed-as-an-investment-bank-2015-4#ixzz3cjdraQZw"></a><p class="source"><span>REUTERS/Luke MacGregor</span></p><p class="caption">A worker sweeps in the foyer of a Royal Bank of Scotland office in the City of London August 6, 2010.</p></div><p></p></div></div></p><p>The Royal Bank of Scotland has halted work on the launch of its challenger bank brand Williams &amp; Glyn, <a href="https://next.ft.com/content/4a328e5b-4d9e-3566-bce6-5ffdc842b9cc">according to a report in the Financial Times.</a></p><p>RBS said last year it was aiming to separate the business from the group by the first quarter 2017. However, the bank also said it was seeking buyers for the brand, and delay could mean it has found one, the FT says.</p><p>A spokesman for RBS declined to immediately comment.</p><p>The government bailed out <a href="http://uk.businessinsider.com/this-is-why-rbs-failed-as-an-investment-bank-2015-4#ixzz3cjdraQZw">RBS in 2008 and 2009 to the tune of</a> £45.4 billion ($70.1 billion) at a price of 500p per share. The government still owns 81% of RBS.</p><p>RBS has to hive off Williams &amp; Glyn (W&amp;G) under the terms of its state aid deal with the EU, just like Lloyds did with the sale of retail unit TSB. RBS announced it would spin off its W&amp;G division in 2013. <a href="http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11966388/RBS-spin-off-Williams-and-Glyn-is-at-deaths-door-before-its-even-been-born.html">Market commentators remarked at the time that the move wasn't a positive one</a>.</p><p>Williams &amp; Glyn has 1.8 million customers. Once it is ready to be sold off, W&amp;G will be made up of 300 RBS branches in England and Wales and a handful of NatWest branches in Scotland.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/movie-theater-concession-prices-markups-2016-6">Movie theater soda is a rip-off - but it's not the highest marked up item out there</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="V1bThrdDoJ32fIHxsgn2rDMxX4Pe-bJ7" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

RBS has paused work on the launch of its own challenger bank

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Reuters</span></p><p class="caption">RBS chief executive Ross McEwan</p></div><p></p></div></div>The Royal Bank of Scotland's troubled Williams &amp; Glyn (W&amp;G) sell-off has hit fresh problems after disagreements arose with the European Union over a key new trustee appointment.</p><p>RBS must rebrand 314 of its branches as W&amp;G and sell them off by 2017, as part of EU instructions following its £45 billion ($55 billion) taxpayer rescue in 2008.</p><p>The business includes 1.8 million personal banking customers and 250,000 small business accounts, all in the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>.</p><p>Reports emerged over the weekend that the European Commission could take control of the sale, as RBS looks to be dragging its feet. <a href="http://www.efinancialnews.com/digest/2016-10-23/time-running-out-for-rbs-on-williams-and-glyn-branch-network-divestiture">Financial News reported</a> that Brussels could appoint a trustee from the Commission as soon as January to oversee the process.</p><p><a href="http://www.telegraph.co.uk/business/2016/10/23/confusion-reigns-over-rbs-branch-sale-amid-reports-of-eu-appoint/">According to the Telegraph, </a>however, RBS disputes that timeframe and believes that it only has to clarify its plans for the sell-off by January, ahead of completing the deal by the end of 2017.</p><p>The bank believes that the Commission only gains the power to appoint one of its own members once the bank has missed that December deadline. <a href="https://www.ft.com/content/87051db6-84ab-11e6-8897-2359a58ac7a5">RBS chief executive Ross McEwan did say earlier this year</a> that the bank would be in "uncharted territory" if it fails to sell off the branches by the end of 2016, and that now looks highly likely.</p><p>RBS has not immediately responded with a request for comment at the time of publication.</p><p>The W&amp;G sell-off has been deeply complicated, especially since Santander <a href="http://uk.businessinsider.com/rbs-sale-of-williams-and-glyn-to-santander-collapse-2016-9">pulled out of the £1.9 billion deal last month</a> following a price dispute.</p><p>The bank also spent £1.5 billion trying to float the new business on the stock market, <a href="https://www.ft.com/content/87051db6-84ab-11e6-8897-2359a58ac7a5">only to stun investors in September when it decided to backtrack on the plan.</a></p><p>Shares in RBS have taken a hit this morning, and are down 1.76% from the open as of 9.51 a.m. B.S.T. Here is how it looks:</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Investing.com</span></p></div><p></p></div></div></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/ken-rogoff-harvard-economist-explains-advocating-eliminate-100-bill-2016-10">Ken Rogoff explains why he's been advocating to eliminate the $100 bill</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="1xamphNjE6j9cijVVdXjJy0AC1Y81I8o" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

RBS is at war with Brussels over a billion pound bank sell-off

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>The Royal Bank of Scotland on Wednesday updated the markets on its efforts to build up and sell its own "challenger bank", Williams &amp; Glyn, by the end of 2017.</p><p>RBS says it's made "significant" progress but there's still a big issue holding back the sale - Williams &amp; Glyn doesn't have a banking licence.</p><p><a href="http://www.investegate.co.uk/royal-bk-scot-grp---rbs-/rns/update-on-the-disposal-of-williams---glyn---amend/201512160727382165J/">RBS says in an update:</a></p><p style="padding-left: 30px;">We submitted the banking licence application for Williams &amp; Glyn on 30 September 2015 and are now working with the PRA and FCA towards obtaining the licence and separating the business from RBS. We are now planning to separate the business from RBS in Q1 2017 which remains compatible with the end 2017 divestment deadline.</p><p>Royal Bank of Scotland also revealed that it's changing strategy with Williams &amp; Glyn and is now pursuing plans to sell the bank to another bank or financial institution alongside looking at floating it on the stock market, as originally planned.</p><p>RBS says:</p><p style="padding-left: 30px;">The strategic attractiveness of Williams &amp; Glyn has been reflected in a number of informal approaches for the business. Therefore whilst continuing preparations for an IPO, we are planning to launch a trade sale process in H1 2016, and targeting the signing of a binding agreement to sell the business by year end 2016, with full divestment by the end of 2017.</p><p><a href="http://uk.businessinsider.com/this-is-why-rbs-failed-as-an-investment-bank-2015-4#ixzz3cjdraQZw">Around seven years ago, RBS had to beg the government for a bailout</a>. Over 2008 and 2009 it borrowed £45.4 billion ($70.1 billion), worth 500p per share, from the taxpayer and it has yet to pay it back. The government still owns 81% of RBS.</p><p>Under the terms of its deal with the EU, RBS has to hive off W&amp;G, just like Lloyds did with the sale of retail unit TSB.</p><p>RBS CEO Ross McEwan in a statement sent to Business Insider: "Separating out the Williams &amp; Glyn business is a complex process, but we remain focused on meeting our State Aid obligation, achieving full divestment by the end of 2017, and reaching the best outcome for shareholders, customers, and staff."</p><p>McEwan has focused the bank on the High Street rather than the complex high finance that got the bank into trouble. As part of that he plans to slim down RBS international presence from 51 to just 13 countries. McEwan took</p><p>McEwan took over from Stephen Hester in October 2013, the same year RBS announced it would spin off its W&amp;G division. <a href="http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11966388/RBS-spin-off-Williams-and-Glyn-is-at-deaths-door-before-its-even-been-born.html">Market commentators remarked at the time that the move wasn't a positive one</a>.</p><p>Williams &amp; Glyn has s 1.8 million customers. Once it is ready to be sold off, W&amp;G will be made up of 300 RBS branches in England and Wales and a handful of NatWest branches in Scotland in total.</p><p>RBS said today that W&amp;G had net loans and advances to customers of £20 billion and customer deposits of £24 billion as at end of the third quarter this year.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/henry-blodget-ignition-future-of-digital-media-bi-intelligence-2015-12">HENRY BLODGET: This is where digital media is headed next</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="Izc2NleTpTiKF69e_jHUFRDkJ6XE_WhQ" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Here's what is holding back RBS' 'challenger bank' spin-off

<p></p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Royal Bank of Scotland's attempt to divest the Williams &amp; Glyn arm of its business have hit yet another obstacle.<p><a href="http://www.telegraph.co.uk/business/2016/12/27/rbs-hit-williams-glyn-sale-faces-obstacles/">The Daily Telegraph reported on Tuesday evening that the lender could be subject to an inquiry</a> from the Bank of England's Prudential Regulation Authority over its so far failed attempts to sell W&amp;G.</p><p>RBS must sell W&amp;G as a condition of returning excess capital and dividends to investors. The bank is still almost three-quarters owned by the British government, despite the government gradually selling off small portions of the bank in the past two years.</p><p>According to The Telegraph, RBS and the PRA have held discussions about the authority potentially launching a "skilled persons report, also known as a section 166 report" should RBS manage to sell Williams &amp; Glyn to either challenger bank Clydesdale, or FTSE 100-listed Santander.</p><p>The business includes around 1.8 million personal banking customers and 250,000 small business accounts, but as it stands, neither Clydesdale or Santander is willing to purchase the entirety of the unit.</p><p>The Telegraph's report suggests that any potential inquiry could centre on RBS' current failures to sell the whole of the Williams &amp; Glyn business, as well as the likely IT issues that could occur in the event of the sale.</p><p>RBS' computer systems are often said to be pretty antiquated, and the PRA is thought to be worried that "the complex integration of the RBS business could destabilise the computer systems of the buyer." In 2012 Santander <a href="https://www.theguardian.com/business/2012/oct/12/rbs-branch-sale-santander-falls-through">pulled out of a deal to buy W&amp;G at the last minute because of fears about a breakdown in IT</a>.</p><p>RBS must find a buyer for Williams &amp; Glyn and complete the sale before the end of 2017, or could face a substantial fine, or a forced sale of the business by the European Commission.</p><p>The Commission mandated that Williams &amp; Glyn must be divested from RBS' core business as a condition of the bailout it received during the financial crisis, when the British government stepped in to prevent the lender - <a href="http://uk.businessinsider.com/r-rbs-planning-to-cut-900-jobs-to-reduce-costs-sources-2016-6">which at one point was the biggest bank in the world in terms of total assets</a> - from collapsing.</p><p>RBS has already acknowledged that it if things change it won't manage to sell all of Williams &amp; Glyn by its deadline of the end of 2017, <a href="http://uk.businessinsider.com/rbs-third-quarter-loss-delays-williams-and-glyn-sale-noisy-brexit-2016-10">saying in its third quarter results at the end of October:</a></p><p>"None of the proposals under discussion can deliver full separation and divestment by 31 December 2017. RBS is therefore in discussion with HM Treasury, and expects further engagement with the European Commission, to agree a solution with regards to its State Aid obligations."</p><div></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/watch-expert-benjamin-clymer-affordable-brands-2016-12">These are the best watches for under $400</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="ltMmg1ODE6TnTu_A6B-GjUj6GQrIybCB" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

REPORT: The Bank of England could launch an investigation into RBS' failure to meet a key bailout commitment

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>The Dark Knight the Movie</span></p></div><p></p></div></div>The Royal Bank of Scotland just posted a horrific set of results.</p><p>And the main reason for why it lost a lot of money is because it had to pay for the right to start paying dividends to shareholders again.</p><p><a href="http://www.investegate.co.uk/royal-bk-scot-grp---rbs-/rns/interim-management-statement/201604290700107468W/">The 73% state-owned bank said in a results statement</a> that its losses nearly doubled to £968 million in the first quarter this year, compared to £459 million last year. It overshot analysts' expectations of £957 million.</p><p>This is because it forked out £1.2 billion to the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> Treasury in order for it to remove a block over paying dividends - money to shareholders out of its profits or reserves.</p><p><a href="http://uk.businessinsider.com/this-is-why-rbs-failed-as-an-investment-bank-2015-4#ixzz3cjdraQZw">Around seven years ago, RBS had to beg the government for a bailout</a><span>. Over 2008 and 2009 it borrowed £45.4 billion ($70.1 billion), worth 500p per share, from the taxpayer and it has yet to pay it back. As part of the deal, it would stop paying dividends. </span></p><p><span>So it decided to spend a lot of money and turn a huge loss in its first quarter so it could start giving stockholders a reward.</span></p><p>But it seems a bit all for nothing it's unlikely shareholders will get a payment any time soon, anyway.</p><p>Late on Thursday, RBS said it is likely to miss the European deadline to sell off its <a href="http://www.theguardian.com/business/2016/apr/28/rbs-admits-delays-offloading-williams-and-glyn">challenger bank Williams &amp; Glyn by the end of 2017.</a> <span>Under the terms of its deal with the EU, RBS has to hive off W&amp;G, just like Lloyds did with the sale of retail unit TSB.</span></p><p>On top of that, it warned that it will be spending a lot more than an originally planned £1.7 billion on upgrading its technology. In 2013, millions of <span>customers were left unable to pay for goods and services or receive funds into their accounts, in the run-up to Christmas that year due to a massive IT glitch.</span></p><p><span>Meanwhile, the costs for restructuring the bank - under a plan which CEO Ross McEwan launched last year in February - has grown to £238 million. It has also set aside another £31 million </span>in litigation and conduct expenses.</p><p> </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/property-brothers-what-tricky-real-estate-code-words-really-mean-2016-4">Be sure to learn the actual meaning of these real estate 'code words' before looking for a new place</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="pwMHIzMzE6ScSRLxmN5b0zjEe3_Nvmgy" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

RBS just lost an obscene amount of money because it wanted to start paying dividends again

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;ALID=2C0FQEPM0UXV#/SearchResult&amp;ALID=2C0FQEPM0UXV&amp;VBID=2C0FC0BOTNXI&amp;POPUPPN=7&amp;POPUPIID=2C0FQEPTY980">REUTERS/Stringer</a></span></p><p class="caption">People walk on a sightseeing platform in Zhangjiajie, Hunan Province, China, August 1, 2016.</p></div><p></p></div></div>Good morning! Here's what you need to know in markets on Wednesday.</p><p><a href="http://www.businessinsider.com/afp-hsbc-pre-tax-profits-fall-29-as-brexit-bites-2016-8?IR=T"><strong>HSBC said Wednesday profit before tax plunged 29% in the first half of 2016 to $9.7 billion (£7.2 billion), after "exceptional volatility" during a turbulent six months ending in Britain's decision to leave the EU.</strong></a> Group chairman Douglas Flint said Brexit had "not been anticipated" but insisted that the bank had come through the period "securely."</p><p><strong><a href="http://uk.businessinsider.com/chinas-all-important-services-sector-is-slowing-down-2016-8">China's services sector, now the largest part of the economy, is slowing.</a> </strong>The latest Caxin-Markit services purchasing managers' index (PMI) fell by one point to 51.7 in July, indicating that growth in the sector slowed modestly compared to levels seen in June.</p><p><strong>It's European PMI day.</strong> The latest Markit figures for growth or contraction in the service sector and wider economy in July are due from 8.15 a.m. GMT (3.15 a.m.) onwards. We'll get readings for Spain, Italy, France, Germany, the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>, and the Eurozone. The UK's service sector is expected to shrink at the same pace as in June, 47.4. (Any number above 50 signals growth while below means contraction.)</p><p><strong><a href="http://www.bloomberg.com/news/articles/2016-08-03/socgen-profit-rises-on-visa-gain-lower-credit-loss-provisions">Societe Generale, France's second-largest bank, said second-quarter profit rose 8% on lower provisions for bad loans and a gain on the sale of its stake in Visa Europe.</a> </strong>Bloomberg reports that net income rose to €1.46 billion (£1.2 billion, $1.6 billion) from €1.35 billion in the same period a year earlier. That beat the €1.36 billion average estimate of six analysts compiled by Bloomberg. Societe Generale booked a €725 million gain from the sale of its stake in Visa Europe, more than offsetting a €200 million provision for legal risks.</p><p><a href="http://www.telegraph.co.uk/business/2016/08/02/santander-intensifies-talks-to-buy-royal-bank-of-scotland-spin-o/"><strong>Santander UK has submitted an offer to buy Williams &amp; Glyn from Royal Bank of Scotland, in a move which could end RBS's suffering as it tries to carve out the new lender.</strong></a> The Telegraph reports that RBS was ordered to set up the new bank by the European Commission under the terms of the 2008 bailout but the processed has proved expensive, difficult, and complicated.</p><p><a href="http://uk.businessinsider.com/merck-and-allergan-interested-in-biogen-2016-8"><strong>Biogen, the $75 billion (£56.3 billion) US biotech giant, surged on Tuesday after a report that it had received takeover interest.</strong></a> <a href="http://www.wsj.com/articles/biogen-draws-takeover-interest-from-rival-drugmakers-1470163442">The Wall Street Journal on Tuesday</a> reported that Merck and Allergan have each informally expressed interest in doing a deal.</p><p><a href="http://uk.businessinsider.com/japan-stimulus-package-august-2016-2016-8"><strong>Japan's Cabinet officially approved an economic stimulus package worth over </strong></a><a href="http://uk.businessinsider.com/japan-stimulus-package-august-2016-2016-8"><strong>¥28 trillion (£206.5 billion, $275 billion) on Tuesday.</strong></a> This is the latest move by Prime Minister Shinzo Abe to kick-start Japan's economy.</p><p><strong>Japanese stocks are under pressure as the yen strengthens on stimulus plans.</strong> The benchmark Nikkei stock index is down 1.66% at the time of writing (6.20 a.m. GMT/1.20 a.m. ET). The Hong Kong Hang Seng is down 1.67% and China's flagship Shanghai Composite is up 0.20%.</p><p><strong><a href="https://next.ft.com/content/3dea1b58-5928-11e6-9f70-badea1b336d4">Bitcoin prices plunged 20% after one of the digital currency's largest exchanges said it had been hacked and bitcoins had been stolen.</a> </strong>The Financial Times reports that Hong Kong-based Bitfinex announced the security breach and froze all customer accounts late on Tuesday. Bitfinex is the largest dollar-based exchange and third-largest globally behind OKCoin and BTC China, both of which are based in renminbi.</p><p><a href="http://uk.businessinsider.com/blythe-masters-digital-asset-holdings-hires-dream-team-2016-8"><strong>Digital Asset Holdings, the buzzy blockchain startup run by former JPMorgan executive Blythe Masters, has assembled a dream team of new hires.</strong></a> The firm is building out its senior team with eight high-profile hires spread across New York, London, and Frankfurt.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/most-interesting-men-world-watches-rolex-breitling-jorg-gray-2015-8">These are the watches worn by the smartest and most powerful men in the world</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="N3NGJ0djpb_DdQzkXVopAvbq5AmmiuOx" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

You Searched For "Williams Glyn RBS" and got 10 results

RBS project scrap to affect 3,000 jobs, says Infosys

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Ian Fraser: RBS' challenger bank Williams & Glyn is a 'microcosm' of the bank's problems

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RBS lost £469 million in a 'noisy' quarter

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One of the key conditions of RBS' £46 billion bailout is on the brink of failure

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RBS has paused work on the launch of its own challenger bank

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RBS is at war with Brussels over a billion pound bank sell-off

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REPORT: The Bank of England could launch an investigation into RBS' failure to meet a key bailout commitment

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RBS just lost an obscene amount of money because it wanted to start paying dividends again

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