NEW YORK( TheStreet) -- European banks reported widespread losses Thursday as the toll from the Greek debt crisis continues to spread throughout the financial sector.
Royal Bank of Scotland Group reported a net loss for 2011 of 2 billion pounds ($3.1 billion) compared with 1.1 billion pounds ($1.7 billion) a year earlier. The bank took at 169 million pound loss on "impairment charges" related to interest rate hedges tied to Greek debt.
French bank Credit Agricole reported reported a fourth- quarter net loss of 3.07 billion euros, the first in its history. Germany-based Commerzbank was able to report a fourth-quarter profit of 316 million euros, but said that it plans to conduct a "swap" of outstanding hybrid capital for lower cost instruments in order so build the bank's capital base.
Thursday brings jobless claims data as well as the FHFA's House Price Index, which covers single-family housing using data from Fannie Mae and Freddie Mac. The European Union is also expected to release its interim economic forecasts. Investors are closely watching for signs that U.S. can de-link from a recession in Europe. While concerns about banks' direct exposure to Greece and other weaker parts of Europe have eased, investors are still worried that the crisis in Europe could push U.S. back into recession which would hurt bank stocks.