A few weeks ago, we reported on the results of Interbrand’s 2008 Best Global Brands Survey, observing that the survey’s big losers, year-over-year, were financial services companies.
Of course, conditions in that industry have deteriorated significantly since then, so it is no surprise to see that Wachovia Corp. announced a $23.9 billion-dollar quarterly loss earlier today – the largest ever for a bank. And it also comes as no surprise to see that a write-down tied to a loss of goodwill made up a significant part of that loss.
What is notable, however, is the sheer size of that goodwill write-down: set at approximately $18.8 billion dollars, the write-down is more than three times that total value attributed to the Royal Bank of Canada when it was awarded the title of Canada’s most valuable brand in a 2007 Brand Finance study. Read more