RBS — are we feeling smaller yet?

See you at 12pm (London time), when we’ll be doing an open note on RBS and its surprisingly good preliminary results for the first half of the year…

The shares were up 14 per cent at pixel time, which will please those among us who are British taxpayers. This will be one of our questions, however: if RBS is to become a “simpler, smaller and fairer bank,” how should that vision of a UK-focused lender be valued?

Especially when “simply, smaller and fairer” still has £1trn of assets on the balance sheet…