RBS Said Likely To Post The Biggest Loss In British Banking History
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RBS recently beefed up its balance sheet with a huge $24bn rights-issue, and is attempting to raise billions more by shedding non-core assets. The likely size of the bank's first-half loss will no doubt fuel further speculation that RBS's CEO Sir Fred Goodwin, 10 years at the bank this weekend, will get the boot. As The Observer reports, it was only two weeks ago that Mark Burgess, who heads up Legal & General's asset management arm, came out and said that he was surprised that not one British CEO had fallen on his sword or had been forced out because of the subprime crisis. The top men at Citi, Merrill Lynch, UBS and Wachovia have all fallen victim to the crisis, and firms like Lehman Brothers and Morgan Stanley have fired senior executives over the market difficulties.
In the meantime, The Sunday Times reports that Barclays, which is also due to report its earnings this week, could writedown another $6bn in addition to the $3.4bn it wrotedown in its first-quarter.
The Financial Times reports that Fortis posted its second-quarter earnings Monday. Net profit came in down 49% to $1.3bn, after $563m in structured investment-related writedowns. The firm's shares are down some 62% in the last 12 months.
Finally, The Sunday Telegraph reports that Ian Hannam, one of London's top deal makers, might be on his way from JPMorgan Cazenove, after losing out in the race for the top job to former Barclays executive Naguib Kheraj. The newspaper says that Hannam, who was senior to Kheraj when they both worked at Salomon Brothers in the 1980s, may quit unless he is offered a seat on the firm's board.
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