Thursday, November 26,  12:01 am

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Royal Bank of Scotland Group plc on Thursday secured its third tranche of state funding and agreed to put £325 billion ($469.1 billion) of assets into the government's "toxic" insurance plan as it announced the outlines of a sweeping restructuring.

Disclosing a £24.1 billion net loss for 2008, the biggest in U.K. corporate history, the state-controlled lender said one-fifth of its funded assets will go into a new division for noncore businesses and be sold or wound down over three to five years. The Edinburgh company will cut 45% of the capital employed at its global banking and markets unit and slash an above-forecast £2.5 billion of costs.

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