Royal Bank of Scotland (RBS) has ordered its Ulster Bank subsidiary to strip out up to €250 million in costs - representing one third of its cost base - within three years.
RBS, which revealed last week that it had written off stg£2 billion (€2.2 billion) last year in losses on loans originated by Ulster, has set a target for its Irish subsidiary of reducing its cost income ratio, a key measure of operational efficiency,...
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