RBS takes an enormous hit

| 22 April 2008 07:35

RBS, the second largest British bank behind HSBC, has finally come clean on the credit crisis. The price? An enormous $24 billion in new capital needed. This is a huge story because this does not even begin to discount the credit problems British banks are likely to suffer when the UK market starts seeing foreclosures en masse. Stay tuned.

See also: Credit Crisis Timeline for a full list of writedowns and capital raising by institution and a timeline of the credit crunch.

avatar About Edward Harrison

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages, a skill he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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