Thursday, September 25, 2008

Credit Market-Related Losses Top U$523 Billion

  
Bloomberg, Yalman Onaran and Dave Pierson, 25 September 2008

The following table shows the $523.1 billion in asset writedowns and credit losses at more than 100 of the world's biggest banks and securities firms as well as the $380.7 billion capital raised to cope with them.

Those with a star next to their name have figures that were updated since the table was last published.



Firm Writedown & Loss Capital Raised
Citigroup Inc. 55.1 49.1
Merrill Lynch & Co. 52.2 29.9
UBS AG 44.2 28.4
HSBC Holdings Plc 27.4 5.1
Wachovia Corporation 22.7 11.0
Bank of America Corp. 21.2 20.7
Morgan Stanley* 15.7 5.6
IKB Deutsche Industriebank AG 15.1 12.4
Washington Mutual Inc. 14.8 12.1
Royal Bank of Scotland Group Plc 14.5 23.8
JPMorgan Chase & Co.* 14.3 9.7
Lehman Brothers Holdings Inc.* 13.8 13.9
Deutsche Bank AG* 10.6 6.2
Credit Suisse Group AG* 10.5 3.0
Wells Fargo & Company 10.0 5.8
Credit Agricole S.A. 9.0 8.7
Barclays Plc 7.9 18.3
Canadian Imperial Bank of Commerce 7.3 2.8
Fortis 7.3 7.1
Bayerische Landesbank 7.1 0.0
HBOS Plc 7.0 7.4
ING Groep N.V. 6.8 4.7
Societe Generale 6.7 9.6
Mizuho Financial Group Inc. 6.1 0.0
National City Corp. 5.4 8.9
Natixis 5.4 12.1
Indymac Bancorp Inc* 4.9 0.0
Lloyds TSB Group Plc 4.9 4.9
Goldman Sachs Group Inc.* 4.9 10.6
Landesbank Baden-Wurttemberg 4.8 0.0
WestLB AG 4.7 7.4
Dresdner Bank AG 4.0 0.0
BNP Paribas 3.9 0.0
E*TRADE Financial Corp. 3.6 2.4
HSH Nordbank AG* 3.6 1.9
Rabobank 3.6 0.0
Nomura Holdings Inc. 3.4 1.2
Bear Stearns Companies Inc. 3.2 0.0
Bank of China Ltd 3.1 0.0
DZ Bank AG 2.7 0.0
Landesbank Sachsen AG 2.6 0.0
UniCredit SpA 2.5 0.0
Commerzbank AG 2.3 0.0
ABN AMRO Holding NV 2.3 0.0
Royal Bank of Canada 2.2 0.0
Fifth Third Bancorp 1.9 2.6
Dexia SA 1.7 0.0
Mitsubishi UFJ Financial Group 1.6 1.6
Bank Hapoalim B.M. 1.5 2.6
Marshall & Ilsley Corp. 1.4 0.0
Alliance & Leicester Plc 1.3 0.0
U.S. Bancorp 1.3 0.0
Bank of Montreal 1.2 0.0
KeyCorp 1.2 1.6
Groupe Caisse d'Epargne 1.2 0.0
Hypo Real Estate Holding AG 1.2 0.0
Sovereign Bancorp Inc. 1.0 1.9
Gulf International Bank 1.0 1.0
Sumitomo Mitsui Financial Group 1.0 4.9
Sumitomo Trust and Banking Co. 0.8 1.0
National Bank of Canada 0.7 1.0
DBS Group Holdings Limited 0.2 1.1
Other European Banks* 8.8 3.0
(not listed above)
Other Asian Banks* 5.5 8.9
(not listed above)
Other US Banks* 2.9 4.9
(not listed above)
Other Canadian Banks 0.4 0.0
(not listed above)
________ ________
TOTAL 523.1 380.7


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 since the beginning of 2007. They are net of financial hedges the firms used to mitigate losses and pre-tax figures unless the bank only provided after-tax numbers. Credit losses include the increase in the provisions for bad loans, impacted by the rising defaults in mortgage payments.

Capital raised includes common stock, preferred shares, subordinated debt and hybrid securities which count as Tier 1 or Tier 2 capital as well as equity stakes or subsidiaries sold for capital strengthening. Capital data begins with funds raised in July 2007.

All numbers are in billions of U.S. dollars, converted at today's exchange rate if reported in another currency.
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