RBS to close 259 branches and shed jobs

Image used for representational purpose only

Customers will be written to directly to be made aware of the alternative ways to bank in their area, and the banking group stressed that Community Bankers would be able to assist in local communities - 103 such bankers will be in post by the end of March 2018, serving some 250 communities - and that they'd have a taskforce of "TechXperts" (at least one in each branch) who would be on-hand to help support customers with digital skills. Accern also assigned media headlines about the financial services provider an impact score of 44.5193534724611 out of 100, meaning that recent media coverage is somewhat unlikely to have an impact on the stock's share price in the near term. HSBC's price target would indicate a potential upside of 3.67% from the stock's current price.

A number of analysts have recently commented on the company. Societe Generale reissued a sell rating on shares of Royal Bank of Scotland Group in a research note on Monday, September 11th. Credit Suisse Group reaffirmed a "neutral" rating and issued a GBX 290 ($3.88) price objective on shares of Royal Bank of Scotland Group in a report on Monday. The stock has a consensus rating of "Hold" and a consensus price target of GBX 270.89 ($3.63).

On Thursday, RBS announced the closure of its so-called "bad bank" - the unit set up to dispose of large chunks of unwanted assets following its £45bn taxpayer rescue - marking another chapter in its recovery. The company had a trading volume of 1,210,871 shares, compared to its average volume of 968,419.

In related news, insider Ross McEwan bought 177,104 shares of Royal Bank of Scotland Group stock in a transaction that occurred on Tuesday, November 7th. The stock was acquired at an average price of GBX 282 ($3.78) per share, for a total transaction of £499,433.28 ($668,854.00).

ILLEGAL ACTIVITY WARNING: "Somewhat Favorable Media Coverage Somewhat Unlikely to Impact Royal Bank Scotland (RBS) Share Price" was first published by The Lincolnian Online and is the property of of The Lincolnian Online.

The Royal Bank of Scotland Group plc (RBS) is a banking and financial services company.

Blaming the rise of online banking, RBS said it would get rid of 62 Royal Bank of Scotland branches and 197 Natwest branches.

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