Banks have taken an early hammering this morning as the FTSE 100 slides 1.64% by 9:47am.
The banks' continued share price deterioration comes amid reports of further big losses from Lloyds and RBS. Lloyds reported HBOS, which it absorbed in January, made a pre-tax loss of £10.8bn in 2008 while RBS revealed a record UK loss of £24.1bn and a new bail-out worth up to £25.5bn. Shares in Lloyds were down 15.33% while RBS fell 10.53% by 9:47am. Winners this morning are a mixed batch with traditional defensives, Xstrata and Imperial Tobacco, posting early gains of 3.13% and 0.24% respectively. In the US the Dow Jones closed down 1.22% last night as President Obama announced pl...
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