Management statement "We have made a loss of £x billion, but we feel obliged to pay £m in bonuses, because without our high flying executives we would have made a loss of £x+ billion.
We can only pay a dividend when we make a profit, which is unlikely in the foreseeable future, due to the uncertainty of Brexit. Our priorities remain executive pay, bonuses for investment staff and keeping good relations with government, who, thankfully, believe every word we tell them.
Bottom on our list are customers, who should have more sense than to deal with us and investors who given they haven't learnt anything in seven years are unlikely to start now."
On reading this statement Analyst's re-rated RBS with a target price of 375p, a potential uplift of 64%.
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