The bank, which is 72%-owned by the taxpayer, has reported a loss for nine straight years in a row.
For the year, the company reported that its loss widened to $7.13 billion, or $1.61 per share.
The group revealed recently it had set aside another £3.1bn ahead of an expected fine from United States authorities - linked to the sale of mortgage-backed securities - which was included in the bank's results. A large amount of the loss was setting aside £5.9bn for fines and legal costs plus £2.1bn in restructuring costs.
"There will be job losses that we will have to go through to get this business back into shape", said chief executive Ross McEwan, who would not be drawn on an exact figure.
RBS had received a 45 billion-pound bailout from the British government in 2008 after the global financial crisis exposed the excesses of an expansion drive that briefly made it the world's biggest bank.
RBS has reduced adjusted operating expenses by over £3bnin the last three years, but plans to reduce expenses by a further £2bn over the next four years, with around two thirds of this affecting the core bank. "RBS also still needs to settle its ongoing litigations, in our view", the analyst concluded in his research note to clients.
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Restructuring costs include a £750m provision for the plan announced earlier this week that would see RBS boost banking competition instead of selling Williams & Glyn.
Shares in RBS are now trading down 2.17 percent on the news at 244.00 (0904GMT). RBS says it expects to post a profit in 2018 by further removing operating costs and doubling down on digital initiatives across the board. Royal Bank of Scotland Group plc has a 52 week low of GBX 148.40 and a 52 week high of GBX 260.90.
The huge net loss was mostly fueled by reserves the bank set aside to settle allegations with US authorities over its role in the sale of mortgage-backed securities.
Instead, Mr. McEwan has instead opted for a leaner RBS, which involves consolidating the bank's business across its domestic retail and commercial units.
In a preview, analysts at the Share Centre said: "Full year profits are expected to come in around £260m and investors will also be looking for an update on the level of mobile wagers and trading in Australia and the US".
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