Wednesday, June 18, 2008

Subprime Writedowns & Credit Losses Top U$396 Billion

  
Bloomberg, Yalman Onaran, 18 June 2008

The following table shows the $396 billion in asset writedowns and credit losses at more than 100 of the world's biggest banks and securities firms as well as the $302 billion capital raised in response.

All the charges stem from the collapse of the U.S. subprime-mortgage market and reflect credit losses or writedowns of mortgage assets that aren't subprime, as well as charges taken on leveraged-loan commitments. Capital raised includes common stock, preferred shares, subordinated debt and hybrid securities which count as Tier 1 or Tier 2 capital, depending on local regulations and the amount of each that's already on the bank's books.

All numbers are in billions of U.S. dollars, converted at today's exchange rate if reported in another currency. They are net of financial hedges the firms used to mitigate losses.


Firm Writedown & Loss Capital Raised

Citigroup 42.9 44.1

UBS 38.2 28.6

Merrill Lynch 37.1 17.9

HSBC 19.5 3.5

IKB Deutsche 15.9 13.1

Royal Bank of Scotland 15.2 24

Bank of America 15.1 20.7

Morgan Stanley 14.1 5.6

JPMorgan Chase 9.8 7.8

Credit Suisse 9.6 1.5

Washington Mutual 9.1 12.1

Credit Agricole 8.3 9.1

Lehman Brothers 8.2 13.9

Deutsche Bank 7.6 3.2

Wachovia 7 10.5

HBOS 7 7.8

Bayerische Landesbank 6.7 -

Fortis 6.6 1

Canadian Imperial (CIBC) 6.5 2.9

Barclays 6.3 9.7

Societe Generale 6.2 10.1

Mizuho Financial Group 6 -

ING Groep 6 4.9

WestLB 4.9 7.7

LB Baden-Wuerttemberg 4 -

Goldman Sachs 3.8 0.6

Dresdner 3.4 -

Natixis 3.4 0.8

E*Trade 3.3 1.8

Wells Fargo 3.3 4.1

Bear Stearns* 3.2 -

National City 3.1 8.9

Lloyds TSB 2.7 -

Landesbank Sachsen 2.7 -

BNP Paribas 2.7 -

HSH Nordbank 2.5 -

Nomura Holdings 2.4 1.2

ABN Amro* 2.4 -

DZ Bank 2.1 -

Bank of China 2 -

Commerzbank 1.9 -

Rabobank 1.7 -

Bank Hapoalim 1.7 2.6

Royal Bank of Canada 1.6 -

Mitsubishi UFJ 1.6 -

UniCredit 1.6 -

Alliance & Leicester 1.4 -

Fifth Third 1.4 2.6

Dexia 1.3 -

Caisse d'Epargne 1.2 -

Hypo Real Estate 1 -

Gulf International 1 1

Sovereign Bancorp 0.9 1.9

Sumitomo Mitsui 0.9 3.1

Sumitomo Trust 0.7 1

Keycorp 0.6 1.7

DBS Group 0.2 1.1

European banks not 6.1 2.4
listed above (a)

Asian banks not 4.5 6.4
listed above (b)

North American banks 3.8 1.3
not listed above (c)
____ ____

TOTAL** 395.8 302.1

* These banks have been acquired. Writedowns reflect figures
announced prior to their acquisition.
** Total reflects figures before rounding. Some company names
have been abbreviated for space.


(a) European banks included in this group: Allied Irish Banks, Bradford & Bingley, Aareal Bank, Deutsche Postbank, Standard Chartered, Northern Rock, NordLB, HVB Group, Sachsen LB, Intesa Sanpaolo, Landesbank Hessen-Thueringen, SEB AB, Erste Bank, DnB NOR, Anglo Irish, KBC Group, LB Berlin, NIBC Holding.

(b) Asian banks included in this group: Shinsei, Aozora Bank, Australia & New Zealand Banking Group, Abu Dhabi Commercial, Arab Banking Corp., Fubon Financial, Industrial & Commercial Bank of China, Citic International, BOC Hong Kong, Bank of East Asia, China Construction Bank, ICICI Bank, State Bank of India, United Overseas, Wing Lung, Macquarie, Maybank.

(c) North American banks included in this group: Bank of Montreal, National Bank of Canada, Bank of Nova Scotia, Canaccord Capital, BB&T Corp., PNC Financial Services Group, SunTrust Banks, South Financial Group, First Horizon.
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