RBS slides further as CEO warns of 'substantial' losses to come

RBS shares have fallen by as much as 7% after the bank warned its internal good bank/bad bank split would see it incur a multi-billion pound charge in its full-year results.

The bank disappointed investors this morning by revealing a £600m Q3 loss, well below expectations of a £400m profit, and losses deepened when management revealed the internal division of the bank would prompt a further loss in Q4. The cost of the restructuring will mean an impairment charge of between £4bn and £4.5bn in Q4, the bank said, leading to a "substantial loss" for the full financial year, according to CEO Ross McEwan (pictured). RBS shares were down 6.86% at 343p at 15:00 UK time, slightly off the day lows of under 342p. Though the bank said this morning it is making pro...