global banking

It is the fourth consecutive period that the global banking giant has been swamped by write-downs on investments and steeper losses on consumer loans.

The Merrill Lynch chief will become president of global banking, securities and wealth management in the combined company, essentially retaining control of the businesses run by Merrill.

The Royal Bank of Scotland (RBS), founded in 1695, became the latest casualty of the global banking meltdown.

The bank survived the turmoil from the American and French revolutions, the War of 1812, the Napoleonic wars, the Great Depression, and two world wars, only to succumb on Sept. 17 2008.

They will be absorbed by rival Lloyds.