News Summary: Bankia posts $25 billion loss

Share article

HISTORIC LOSS: Bailed-out Bankia posted a loss of 19.2 billion euros, or about $25 billion, in 2012 — the biggest ever suffered by a Spanish company.

BACKGROUND: The lender was formed in 2010 through a merger of seven savings banks. After it was overwhelmed by property loans gone bad and other risky investments, European countries gave it a bailout of 18 billion euros last year.

LOOKING FORWARD: The bank, which plans to shed about 6,000 jobs, says it hopes to return to profit in 2013.

 
 
 

Advertisement

Comments