RBS faces $10bn fine from US Justice Department

When it rains, it pours, and if Deutsche Bank has taken center stage recently given the sizeable fine being faced against the DOJ in the US, the UK Sunday Times reports that the US Justice Department is now expected to demand $10bn from RBS in 2017.

According to the report: "Royal Bank of Scotland have already agreed to pay USD1.1bn in fines to resolve allegations regarding mortgage backed securities."

The reports continues: "RBS say they've "set aside $5.6bn to cover a settlement with the Federal Housing Finance Agency." However, and here is the key,  the bank "has not yet made a provision for the justice department's penalty", Sunday Times adds.