Royal Bank of Scotland has taken a £334 million charge over foreign exchange rate rigging and said it is in “advanced settlement discussions” with regulators.
The bank swung to a £446 million loss in the first three months of the year, compared to a £1.2 billion profit in the same period last year.
The results were dragged down by total conduct and litigation costs of £856 million, as the bank also reserved funds for mis-selling mortgage backed securities to investors in the run up to America’s sub-prime housing crisis, extra payment protection insurance compensation and redress over packaged accounts for customers.
RBS was one of six banks which struck a £2.6 billion deal to settle foreign exchange charges with some American, British and Swiss regulators