RBS taking a firm hold on Ulster Bank’s tiller as it faces tough year

Ulster Bank must reduce its costs further and the business is taking longer than anticipated to turn around, according to the head of the bank’s parent company.

Ross McEwan, chief executive of the Royal Bank of Scotland (RBS), said Ulster Bank was operating in a “tough market” and that remediation work on legacy issues ranging from the tracker mortgage scandal to overcharging small business customers was adding to its costs.

He said it ...