Royal Bank of scotland posts first loss in 40 years

Losses and Lawsuits

EDINBURGH - Royal Bank of Scotland (RBS) has reported a half-year overall group loss of £802 million ($1.05 million). The bank's loss, its first in 40 years, was caused by subprime-related writedowns of £5.9 billion.

The loss, posted for the second half of 2007, comes in stark contrast to group profits of £3.6 billion for the first six months of last year. Total income fell over the same period from £14.7 billion to £13.7 billion.

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