RBS, John Lewis, housing and motorists

Royal Bank of Scotland dominates the business news this morning following its announcement of a £7 billion annual loss.

According to the BBC, the deficit is more than treble 2015’s loss of £2 billion. It is the ninth year in a row RBS has failed to make a profit. Over the next four years, the taxpayer-backed bank plans to slash costs by £2 billion – this will inevitably mean job losses and more branch closures.

Chief executive Ross McEwan told the Today programme that he would not be stepping down and was committed to seeing through the bank’s turnaround. ‘I do a bit of cycling and when you’re out there with the wind in your face its very hard. At some point in time you turn the corner and you have the wind at your back. I sense that time is not far away for this bank.’ John Lewis The Telegraph reports on job cuts by John Lewis which says it will axe 387 staff roles under plans to revamp its cafes and restaurants as well as its curtain and carpet fitting services.