Royal Bank of Scotland reported a $3.8 billion loss for the first half of 2012, after taking a $4.6 billion charge to account for tightening credit spreads.
At last report, RBS had some 1,800 workers in Stamford, making it among the largest employers there, and RBS Citizens Bank is among the top 10 retail banks in Connecticut with nearly 50 branches.
The New York Post reported Thursday RBS is considering selling Citizens, citing unidentified sources who said TD Bank explored a potential deal three months ago.
In a prepared statement, RBS CEO Stephen Hester said banks are in the midst of a “chastening period,” following overzealous expansion and business practices leading up the recession.
“We navigated Eurozone problems and a credit rating downgrade from Moody”™s with no slippage in the balance sheet resilience painstakingly rebuilt in the first three years of our plan,” Hester stated. “The bottom-line loss we report for (the first half is) ”¦ itself an indicator of RBS”™s recovery as our debt now trades at tighter margins.”
