Royal Bank of Scotland, which this week agreed fresh funding from the UK government worth up to £33bn, on Friday fell to a pre-tax loss of more than £2bn compared to profit of the same amount a year ago.

The bank said it would publish a revised strategy early next year in the wake of changes agreed this week with the European Commission and the government requiring the bank to dispose of its insurance operations and part of its branch network as well as its commodity trading arm and a transaction services business.