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RBS Faces Losses After US ‘Fraud’

Ananova - Royal Bank of Scotland says it is facing a potential loss of £400m after a Wall Street banker was charged with a massive alleged fraud.

US prosecutors say Bernard Madoff has confessed to defrauding investors of $50bn (£33bn) in a giant pyramid scheme that collapsed in the global financial crisis.

RBS, in which the British government now has a majority stake, says it has exposure through investments in hedge funds that invested with Mr Madoff.

It is one of a number of banks that face big losses in the suspected fraud.

Santander, the Spanish bank that owns Abbey and Alliance and Leicester, said it had more than 2.3bn euros (£2.08bn) worth of exposure.

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