Royal Bank of Scotland eyes plans to cut costs at private bank Coutts

Royal Bank of Scotland Group, Britain’s largest taxpayer-owned lender, will prioritise cost cutting at its Coutts private bank in the UK in the first half of 2016.

Alongside cost reductions at the investment bank and its Ulster Bank division, CEO Ross McEwan wants to lower expenses at the British private bank, according to a source, who asked not to be identified because the matter is confidential.

The unit had a 90% cost-to-income ratio excluding restructuring, litigation, and conduct issues in the third quarter, which management considers unacceptable, the person added.