The UK state-backed Royal Bank of Scotland (LON:RBS) announced a full-year loss on Friday for the eighth year running, as restructuring and litigation costs continue to hit.

The total loss stood at £1.97 billion, an improvement on last years £3.47 billion. RBS, who the government bailed out during the financial crisis in 2008 and still holds a substantial stake in, is undergoing a restructuring costing around £2.9 billion.

However, its chief executive was still paid a total figure of £3.8 million for 2015, the highest for someone of that position since 2008, with 121 other staff being paid over £800,000 base salary. In its report, published on Friday, the bank also warned of the uncertainties in the markets created by the upcoming EU referendum.

RBS shares dropped 10 percent in early trading after the report was released, and are currently trading down 9.08 percent at 221.80 (0959GMT).

26/02/2016