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As RBS's McEwan bows out, clouds loom

As RBS's McEwan bows out, clouds loom

The enduring economic uncertainty caused by Brexit and the attendant effects on corporate investment and borrowing cast a pall over first quarter results from Royal Bank of Scotland (RBS). Despite maintaining annual guidance and posting a pre-tax operating profit of £1bn, some 11 per cent ahead of consensus forecasts, shares in the bank dropped 4 per cent on the earnings release, after it warned that income growth would be “more challenging in the near-term”.

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