RBS to announce major losses: report

0 Comments | AFP, April, 2008

LONDON (AFP) — The Royal Bank of Scotland, Britain's second largest bank, is to announce around four billion pounds worth of fresh losses linked to the credit crunch, the Financial Times reported Saturday.

The report came after media said Friday that the bank was set to ask shareholders for a massive cash boost after being hit by subprime-linked losses and surging costs related to its takeover of the ABN Amro bank.

It points to the pressures currently facing some of the world's largest financial institutions.

On Friday, US banking giant Citigroup reported a 5.1 billion dollar (3.2 billion euro) net loss during the first quarter and said it would cut an additional 9,000 jobs as it struggles with bad bets on subprime mortgages.

Shares in both RBS and...