Royal Bank of Scotland cuts costs as losses mount

Royal Bank of Scotland (RBS) has reported its biggest annual loss since it was rescued by the UK government during the financial crisis in 2008. The bank's pre-tax loss for 2013 was £8.2bn, compared with £5.2bn in 2012. Ross McEwan, RBS' newly appointed chief executive, told the BBC the results were "very sobering".
Background:
Royal Bank of Scotland posts biggest loss in six years [BBC]
Royal Bank of Scotland: $13.7B pre-tax loss [AP]