european-banks-hint-at-prolonged-crisis

European banks hint at prolonged crisis

Profit updates reveal that EuropeÆs banks face renewed challenges in 2009, leading to speculation of more capital-raising and a sharp deterioration in share prices.
January 21, 2009
The fourth quarter trading and operation updates issued by Deutsche Bank and Royal Bank of Scotland over the past week may have differed on the fine points, and the sharp sell-off in banking stocks that erupted in their wake may have been sparked by a different issue for each bank, but together they added up to one central message û the financial crisis is not over.

The banks referred to worse-than-expected deterioration in economic and financial market conditions in the fourth quarter, which led to greater losses and write-downs and û in the case of Royal Bank of Scotland RBS û a need for more government capital. But even more worryingly their statements drew attention,...
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