Home News Business News
Alliance and Leicest profits fall 99%
Alliance & Leicester today said the credit crunch turmoil had almost completely wiped out profits in the first six months of the year.
The bank, which has agreed a £1.26 billion sale to Abbey’s Spanish banking parent Santander, reported interim pre-tax profits of £2 million, down from £290 million.
A&L said it had been hit by losses on investments hurt by the credit crisis and soaring funding costs in crippled wholesale money markets.
A&L employs hundreds on Merseyside, primarily at a base in Bootle
Copyright and Trade Mark Notice © 2008 owned by or licensed to Trinity Mirror North West & North Wales Limited. Liverpool Daily Post™ is a trade mark of Trinity Mirror North West & North Wales Limited. Please read our Terms and Conditions and Privacy Statement before using this site.