Royal Bank of Scotland expects to report record loss

01/19/2009 | Financial Times (free content)

Royal Bank of Scotland said damage from the credit crunch would result in a loss of as much as $41 billion for 2008. The bank said it would take additional write-downs of as much as $12 billion on complex debt securities that turned sour in the final months of last year. The bank also faces an impairment charge on its ABN Amro investment. "The dislocation of credit markets and the global economic downturn continue to hit RBS hard, as with many other banks," said Stephen Hester, CEO at RBS.

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