Societe Generale downgraded Royal Bank of Scotland RBS from Buy to Hold.
Societe Generale commented, "RBS has shown remarkable consistency in shrinking the high risk/low return assets in its Non-Core division (down from £258bn at the end of 2008 to £57bn), but the improving balance sheet shifts the focus to RBS Core, the ongoing business. It has some strong elements (UK retail, UK corporate) but is constrained by a subscale investment bank and a heavily loss-making Irish business that is unlikely to make a decent return for years."
Royal Bank of Scotland closed at $9.86 on Thursday.
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