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RBS to cut 162 branches and 792 jobs

Royal Bank of Scotland is to close 162 branches in England and Wales, resulting in nearly 800 job losses.

The majority state-owned bank reports a quarterly profit of 792m as it continues its recovery.

The bank still may face more fines in US over the sale of financial products linked to risky mortgages.

RBS turning an annual profit for the first time in ten years is welcomed by chief executive Ross McEwan.

British bank RBS, majority owned by the taxpayer following the financial crisis, reports first profit for ten years

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