RBC's $670 Million Writedown for Q4 2008

TD Securities, 24 November 2008ImpactSlightly negative. Royal reported adjusted earnings of approximately C$0.90 +/- per share compared to TD�s estimate at C$0.90 and consensus at C$1.02. The bank had several market related charges which reflect the extremely challenging market conditions and the size and breadth of the bank�s Wholesale business. We also saw a significant uptick in PCLs which