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Credit Crunch creates a rush to the Russians

Yesterday’s post prompted me to revisit the part of the BBC’s
website
with the credit loss timeline to see where we stand today. According
to the various announcements, this is the latest list of consolidated subprime
losses:

Citigroup: $40.7bn
UBS: $38bn
Merrill Lynch:
$31.7bn
HSBC: $15.6bn
Bank of America: $14.9bn
Morgan Stanley
$12.6bn
Royal Bank of Scotland: $12bn
JP Morgan Chase:
$9.7bn
Washington Mutual: $8.3bn
Deutsche Bank: $7.5bn
Wachovia:
$7.3bn
Credit Agricole: $6.6bn
Credit Suisse: $6.3bn
Mizuho Financial
$5.5bn
Bear Stearns: $3.2bn
Barclays: $3.2bn

That’s $223.1 billion
of write-downs from 16 banks. Not bad.

But banks in Central, Southern and Eastern Europe seem to have escaped this crisis.

Read
more …

About Chris M Skinner

Chris M Skinner

Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here…

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