The Royal Bank of Scotland Group plc (NYSE:RBS) (LON:RBS) reported attributable losses of £9 billion for 2013, worse than the consensus £7.2 billion, dropping tNAV 16% quarter on quarter from 431p to 363p, which means that RBS is now trading at 1.0x 2013 tNAV. Revenues fell 12% year on year, and tier 1 capital ratios were lower than anticipated. RBS had outperformed its competitors so far this year “We currently see no relative or absolute support for Royal Bank of Scotland Group plc (NYSE:RBS) (LON:RBS)’ ‘frothy’ valuation; a correction is due,” writes Investec analyst Ian Gordon, who rated RBS a Sell with…
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