Subprime-Triggered Tab Tops $500 billion

Bank losses stemming from the subprime debacle and credit crisis pass the half-trillion-dollar threshold.

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Subprime-related bank losses have hit a new, painful milestone:

From Bloomberg:

Banks' losses from the U.S. subprime crisis and the ensuing credit crunch crossed the $500 billion mark as writedowns spread to more asset types...The International Monetary Fund in an April report estimated banks' losses at $510 billion, about half its forecast of $1 trillion for all companies. Predictions have crept up since then, with New York University economist Nouriel Roubini predicting losses to reach $2 trillion...

The following table shows the asset writedowns and credit losses as well as the capital raised in response. All numbers are in billions of U.S. dollars...

Firm Writedown & Loss Capital Raised
Citigroup 55.1 49.1
Merrill Lynch 51.8 29.9
UBS 44.2 28.3
HSBC 27.4 3.9
Wachovia 22.5 11
Bank of America 21.2 20.7
IKB Deutsche 15.3 12.6
Royal Bank of Scotland 14.9 24.3
Washington Mutual 14.8 12.1
Morgan Stanley 14.4 5.6
JPMorgan Chase 14.3 7.9
Deutsche Bank 10.8 3.2
Credit Suisse 10.5 2.7
Wells Fargo 10 4.1
Barclays 9.1 18.6
Lehman Brothers 8.2 13.9
Credit Agricole 8 8.8
Fortis 7.4 7.2
HBOS 7.1 7.6
Societe Generale 6.8 9.8
Bayerische Landesbank 6.4  -
Canadian Imperial (CIBC) 6.3 2.8
Mizuho Financial Group 5.9  -
ING Groep 5.8 4.8
National City 5.4 8.9
Lloyds TSB 5 4.9
IndyMac 4.9  -
WestLB 4.7 7.5
Dresdner 4.1  -
BNP Paribas 4  -
LB Baden- Wuerttemberg 3.8  -
Goldman Sachs 3.8 0.6
E*Trade 3.6 2.4
Nomura Holdings 3.3 1.1
Natixis 3.3 6.7
Bear Stearns 3.2  -
HSH Nordbank 2.8 1.9
Landesbank Sachsen 2.6  -
UniCredit 2.6  -
Commerzbank 2.4  -
ABN Amro 2.3  -
DZ Bank 2  -
Bank of China 2  -
Fifth Third 1.9 2.6
Rabobank 1.7  -
Bank Hapoalim 1.7 2.4
Mitsubishi UFJ 1.6 1.5
Royal Bank of Canada 1.5  -
Marshall & Ilsley 1.4  -
Alliance & Leicester 1.4  -
U.S. Bancorp 1.3  -
Dexia 1.2  -
Caisse d'Epargne 1.2  -
Keycorp 1.2 1.7
Sovereign Bancorp 1 1.9
Hypo Real Estate  -
Gulf International 1 1
Sumitomo Mitsui 0.9 4.9
Sumitomo Trust

0.7

DBS Group 0.2 1.1
Other European banks* 7.2 2.3
Other Asian banks* 4.6 7.8
Other U.S. banks* 2.9 1.9
Other Canadian banks* 1.8  -
     
TOTAL** 501.1 352.9


* Please see WDCI Help pages for a list of companies included in "Other categories for Europe, Asia, U.S. and Canada.

** Total reflects figures before rounding. Some company names have been abbreviated for space.