Banking Shares Embroiled in the Red, FTSE 100 Heads For First Weekly Loss

U.K. shares were trading lower on Friday, heading for the first decline following a three-strong run of weekly wins. The benchmark FTSE 100 index lost more than 0.2% to trade below 7260.00, weighed down by banking equities.

Shares of Royal Bank of Scotland Group PLC topped the market’s losers on Friday, slipping about 3% after the banking and financial services company its annual net loss more than tripled to GBP6.96 billion ($8.73 billion) as it had to put aside billions of pounds to settle allegations with U.S. authorities.

Other banking shares edged lower. While Lloyds Banking Group PLC shares dropped more than 0.5%, Standard Chartered PLC plummeted over 4% and Barclays PLC shed nearly 1%.

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