RBS posts loss but GBM softens the blow
Royal Bank of Scotland posted a loss for the first quarter of 2011 that was larger than the loss one year before, but its bottom line was boosted by a strong result in its global banking and markets division. GBM contributed £1bn in pre-tax profits, equal to the group’s overall profits before charges relating to the bank’s own debt and the cost of the UK’s asset protection scheme.
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