Another Top Firm Said Set To Write-Down $14bn
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According to the newspaper, the bank will also announce a rights issue of up to $24bn to beef up its balance sheet, and may sell assets to raise an additional $10bn by the year-end. Potential asset disposals include the sale of Angel Trains, and the 20% stake the bank owns of Direct Line and Churchill Insurance.
RBS is said to be 'kitchen-sinking' all asset writedowns this quarter. The Times quotes an unnamed 'source close to the company', who said: 'We have no intention of coming back to the well, either to raise money or to make further provisions'.
The Sunday Telegraph reports that RBS CEO, Sir Fred Goodwin, has held secret talks with UK market regulator The Financial Services Authority to explain where the bank is at, and what it's plans are. And The Observer reports that the bank has scheduled a series of meetings early this week with major shareholders, ahead of Wednesday's annual meeting. Opinion is currently divided about whether Goodwin, CEO for some 8 years, will be able to stay on after the expected announcement this week.
