Subprime Losses Top $379 Billion on Balance-Sheet

Bloomberg | May 19, 2008

The following table shows the $379 billion in asset writedowns and credit losses since the beginning of 2007, including reserves set aside for bad loans, at more than 100 of the world’s biggest banks and securities firms.

The writedown column now includes asset-value reductions that some banks list on their balance sheets rather than booking the losses against earnings. Regulatory filings show $35 billion of such balance-sheet writedowns at 20 banks.

All the charges stem from the collapse of the U.S. subprime- mortgage market. The figures, from company statements and filings, also reflect some credit losses or writedowns of mortgage assets that aren’t subprime, as well as charges taken on leveraged-loan commitments.

Firm                   Writedown     Credit Loss(b)    Total

Citigroup                 37.3            5.6           42.9

UBS                       38.2                          38.2

Merrill Lynch             37                            37

HSBC                       6.9           12.6           19.5

IKB Deutsche              16                            16

Royal Bank of Scotland    15.2                          15.2

Bank of America            9.2            5.7           14.9

Morgan Stanley            12.6                          12.6

JPMorgan Chase             5.5            4.2            9.7

Credit Suisse              9.5                           9.5

Washington Mutual          1.1            8              9.1

Credit Agricole            8.3                           8.3

Deutsche Bank              7.7                           7.7

Wachovia                   4.6            2.4            7

HBOS                       6.9                           6.9

Bayerische Landesbank      6.7                           6.7

Fortis                     6.6                           6.6

Societe Generale           6.3                           6.3

Mizuho Financial Group     6.2                           6.2

ING Groep                  6                             6

Barclays                   5.2                           5.2

WestLB                     4.8                           4.8

Canadian Imperial (CIBC)   4.2                           4.2

LB Baden-Wuerttemberg      4                             4

E*Trade                    2.5            0.9            3.4

Dresdner                   3.4                           3.4

Natixis                    3.4                           3.4

Wells Fargo                0.6            2.7            3.3

Lehman Brothers            3.3                           3.3

Bear Stearns               3.2                           3.2

National City              0.5            2.6            3.1

Goldman Sachs              3                             3

BNP Paribas                2.1            0.6            2.7

Lloyds TSB                 2.7                           2.7

Nomura Holdings            2.5                           2.5

HSH Nordbank               2.5                           2.5

ABN Amro                   2.4                           2.4

Bank of China              2                             2

Commerzbank                1.9                           1.9

Royal Bank of Canada       1.7                           1.7

UniCredit                  1.6                           1.6

DZ Bank                    1.5                           1.5

Alliance & Leicester       1.4                           1.4

Dexia                      1.1            0.2            1.3

Caisse d'Epargne           1.2                           1.2

Hypo Real Estate           1                             1

Gulf International         1                             1

European banks not         9.2                           9.2

listed above (a)

Asian banks not            7.5            0.3            7.8

listed above (b)

North American banks       3              1.1            4.1

not listed above (c)

TOTALS*                  332.3           46.9 (d)      379.2

 

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