RBS made its 9th consecutive year of losses and says it won't make a profit until 2018

Ross McEwan, Chief Executive of RBS (Royal Bank of Scotland) speaks to reporters and investors on February 27, 2014 in London, England. RBS has announced a pre-tax loss of £8.2bn for 2013, the biggest since the bank was rescued by the UK tax payer. (Photo by )Peter Macdiarmid/Getty ImagesRoss McEwan, Chief Executive of RBS (Royal Bank of Scotland).

The Royal Bank of Scotland just reported its ninth consecutive year of losses.

The bank, which is 73% state-owned, said in its full year financial results statement that it lost £6.955 billion compared with £1,979 million in 2015.

The bank employs 92,000 across the globe.

Analysts expected the bank to report losses of around £5 billion, as its margins continue to be squeezed by record-low interest rates.

RBS has already lost a total of over £50 billion since the 2008 financial crisis. It has also made over £1 billion in savings in 2014 and 2015.

The results follows a range of issues that have cropped up for the bank over the last couple of weeks.

This month, a former RBS employee and a number of customers accused the bank of systematically manipulating documents and phone transcripts in order to cover up wrongdoing.

In a statement to Business Insider, RBS “categorically denied manipulating or falsifying customer records to suit our purposes.”

The UK government told the RBS that it does not need to sell its spin-off Williams & Glyn unit, which was initially a condition of its massive government bailout in 2008.

The EU still has to approve the plan but RBS has struggled to sell it’s W&G unit for years. Initially, when RBS was bailed out by the UK taxpayer for £45 billion from 2008, one of the conditions was that RBS must sell W&G as a condition of returning excess capital and dividends to investors.

The bank is still almost three-quarters owned by the British government, despite the government gradually selling off small portions of the bank in the past two years.

Insiders said that McEwan “is so pissed off” that “I’d be staggered if he was still around in a year’s time.”

However, RBS and McEwan have rejected claims that he will be leaving the bank soon.

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