"Citizens bank sees boost in late payments; British parent reports large loss" by Globe Staff And Wire Services | August 8, 2009
.... The Royal Bank of Scotland, Britain’s biggest in terms of assets [and Citizens'] British parent, reported a net loss of $1.7 billion for the first half of the year and said it had bad debts of $12.6 billion. The Royal Bank of Scotland is 70 percent owned by the British government after suffering major losses last year, and its new chief executive, Stephen Hester, warned that the bank might not see substantial improvements until 2011....
The report was not well received by the investment community....
The very public downfall of RBS, a household name in Britain where it is heavily involved in the retail banking market, was a lightning rod for much of the public disgust at mismanagement of major financial institutions by well-paid bankers....
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Related: Less Talk, More Axion
