Banks rally revives FTSE

However, the banks failed to push the FTSE into positive territory, with the blue-chip index dipping 33.69 points (-0.81%) to 4,101.06. L&G lifted 5.30 points (11.96%) to 49.60 having released an extraordinary statement regarding its capital position. The insurer giant has more than doubled credit default reserves in its annuity portfolio to £1.2bn in response to concerns over potential corporate bond defaults. Despite rumored job cuts of between 10,000 and 20,000 and predicted losses of £30bn at RBS, the bank's share price saw an upswing of 0.60 points (2.94%) to 21.00 as Odey Asset M...