Top U.S. and European banks have lost over $1 trillion on toxic assets and from bad loans since the start of 2007. Losses from 2007-10 are expected to top $2.8 trillion, with roughly two-thirds from loans and the remainder on securities, according to International Monetary Fund forecasts. U.S. banks are expected to take a $1 trillion hit and European bank losses will reach $1.6 trillion, the IMF said last week. It said U.S. banks were about 60 percent through their needed writedowns, while British and eurozone banks had recognised only 40 percent of losses.Below is a list of estimated losses (in billions of dollars at current exchange rates): (apology for formatting here)
BANK_______________2007_2008_2009YTD___TOTAL BILLIONS
Citigroup____________29.1_63.4_21.8_______$114.3
Wachovia Corp*_______4.0_73.4____________$77.4
Merrill Lynch**_______25.1_38.6____________$63.7
HSBC_______________19.3_30.3_13.9________$63.5
Bank of America______12.1_29.2_17.2________$58.5
Lloyds&______________6.8_28.9_22.3________$58.0
UBS_________________50.6__3.1____________$53.7
Royal Bk Scotland_____7.0_23.5_19.6_______$50.1
Fannie Mae__________4.7_26.9_15.4________$47.0
Freddie Mac_________5.2_24.4_12.8________$42.4
Washington Mutual***5.1_36.7_____________$41.8
Barclays____________7.0_16.5_13.1________$38.0
Lehman Brothers****12.5_14.0_____________$26.5
JPMorgan Chase______4.5_10.2_10.4________$25.1
Commerzbank/Dresdner3.9_13.3__4.5________$22.3
Morgan Stanley_____10.3_10.1__1.7________$22.1
Wells Fargo_________3.5__8.7__8.2________$20.4
Santander___________4.8__8.3__6.6________$19.7
Deutsche Bank_______4.0_11.2__3.6________$18.8
Credit Suisse_______3.5_11.9__1.5________$16.9
IKB &&___________________________________$14.7
National City*****_______________________$14.0
BNP Paribas+________2.4__8.0__2.5________$12.9
Unicredit___________3.5__5.1__2.4________$11.0
Fortis______________3.1__7.6_____________$10.7
C.Agricole+_________2.7__4.4__3.1________$10.2
ING_________________7.1__2.4_____________$ 9.5
Bayern LB___________1.1__8.0_____________$ 9.1
Intesa Sanpaolo_____1.6__4.5__2.6________$ 8.7
Societe Gen+________1.3__3.7__3.4________$ 8.5
Goldman Sachs_______1.7__4.9__1.9________$ 8.5
BBVA________________2.7__4.2__1.3________$ 8.1
Natixis+____________2.0__2.5__3.1________$ 7.6
Canadian Imp Bk Commerce_________________$ 6.5
Erste Bank__________0.8__2.5__1.3________$ 4.6
Standard Chartered__0.8__1.8__1.1________$ 3.7
Bear Stearns******__3.0__0.6_____________$ 3.6
WestLB___________________________________$ 3.0
Rabobank____________0.8__1.7_____________$ 2.5
=============================================
To be updated___________________Total $1,047.6(Sources: Reuters/annual reports/company filings) Estimates based on writedowns and losses from subprime securities, mortgages, CDOs, derivatives and SIVs, and losses on bad loans, or non-performing loans. The definition of a bad loan is complex and can vary between countries and often includes a provision for future loan losses.
NOTES:
ACQUIRED BY WELLS FARGO AT THE END OF LAST YEAR.
* ACQUIRED BY BANK OF AMERICA ON JAN 1.
** ASSETS ACQUIRED BY JPMORGAN IN SEPTEMBER.
*** FILED FOR BANKRUPTCY IN SEPTEMBER.
**** BOUGHT BY PNC FINANCIAL SERVICES GROUP IN DECEMBER.
***** BOUGHT BY JPMORGAN IN MARCH 2008.
& Includes HBOS, taken over by Lloyds in January.
&& Bought by Lone Star in August after state-led
