Three of Britain’s biggest banks lost £14 billion of the market value in two days last week, amongst fears of a impending crisis. Barclays, the Royal Bank of Scotland and HSBC were the banks to suffer, with Barclays the worst affected.
Reports had suggested that Barclays had been forced to apply for an emergency loan from the Bank of England, causing an 11 per cent decrease in its market value. Meanwhile, the Royal Bank of Scotland lost 8 per cent of its value, and HSBC suffered a 4.7 per cent decrease. As a result, the FTSE 100 Index fell by 2 per cent last week, ending at 6530.6.
Barclays suffered further bad news yesterday, as share prices dropped by 9 per cent amidst rumours that the bank is set to report a £4.8 billion loss. The latest fall takes the total drop to 40 per cent since the highs of last year.
Leading Banks Suffer Credit Crisis Consequences
Leading Banks Suffer Credit Crisis Consequences
Thu, 15 Nov 2007
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