RBS Post First Ever Loss
The Royal Bank of Scotland, the second largest bank in the U.K., posted a net loss which was the first loss recorded by the bank since becoming a public company 40 years ago. However, the apparent good news is that the company believes that the $11.4 billion (U.S.) in write-downs announced earlier this year may be the only markdowns needed for the remainder of 2008. Of course that hasn’t been true for other large banks, so we will all have to wait and see.
