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JPMorgan strongest bank; RBS’ loss biggest

JPMorgan strongest bank; RBS’ loss biggest
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First Published: Thu, Jun 25 2009. 12 51 AM IST
Updated: Thu, Jun 25 2009. 12 51 AM IST
London: JPMorgan Chase and Co. tops a list of the world’s strongest banks, while Royal Bank of Scotland (RBS) suffered the biggest loss of any lender last year, according to new industry rankings on Wednesday.
RBS’ $59.3 billion loss last year eclipsed all rivals, including Citigroup’s $53 billion loss and Wells Fargo’s $47.8 billion loss, according to ‘The Banker’ magazine. Global bank profits slumped 85% last year to $115 billion, down from $781 billion, and return on equity plunged to 2.69% from 20%, the magazine estimated. Bank of America ranked second, Citigroup was third and RBS was fourth, despite the problems for all three last year.
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First Published: Thu, Jun 25 2009. 12 51 AM IST