RBS Takes Big Charge, But Not As Large As Expected

Jefferies reiterated its Buy rating on Royal Bank of Scotland Group plc (NYSE:RBS) (LON:RBS) despite the recent announcement of £2.9 billion of litigation and conduct charges. Joseph Dickerson and team at Jefferies however trimmed RBS’ target price from 441.0p to 414.0p. RBS’ £2.9 billion charge Following its board meeting Monday, Royal Bank of Scotland Group plc (NYSE:RBS) (LON:RBS) made a surprising trading update that the bank is taking billions of pounds in extra charges to cover the cost of past misdeeds. The RBS group is taking £2.9 billion of expenses comprised of: (a) £ 1.9 billion primarily related to mortgage-backed securities…