RBS bank posts $34B yearly loss, largest ever in U.K.

The Royal Bank of Scotland RBS has posted the largest annual loss in British corporate history of $34.4 billion, or 24.14 billion pounds, for 2008.

It unveiled a massive restructuring program that will hive off many of its international businesses.

The bank also confirmed in Thursday's earnings report that it will offload toxic assets into a government insurance program. It has already been part-nationalized under bailout packages worth more than 20 billion pounds.

The huge annual loss compares with a 7.3 billion pound profit in 2007.

The bank's revenue fell 15% to 25.87 billion pounds.

RBS Chief Executive Stephen Hester — who replaced Fred Goodwin after he resigned in the wake of the once strong bank's financial downfall — says that the bank is "charting a path to standalone strength."

Join the Discussion
You are using an outdated version of Internet Explorer. Please click here to upgrade your browser in order to comment.
blog comments powered by Disqus
 
You Might Also Like...