November 5, 2009 / 4:48 PM / 8 years ago

FACTBOX-U.S., European bank writedowns, credit losses

2 Min Read

 Nov 5 (Reuters) - Top U.S. and European banks have lost more than $1 trillion on toxic assets and from bad loans since the start of 2007, and were expected to top $2.8 trillion from 2007-10 with roughly two thirds from loans and the remainder on securities, according to International Monetary Fund forecasts.
 U.S. banks were expected to take a $1 trillion hit and European bank losses will reach $1.6 trillion, the IMF said at the end of September. It said U.S. banks were about 60 percent through their losses, but British and eurozone banks were only 40 percent through their writedowns. [ID:nLU99400]
 Below is a list of estimated losses (in billions of dollars at current exchange rates):    BANK                          2007     2008   2009 YTD    TOTAL  Citigroup (C.N)               29.1     63.4     21.8     $124.0  Wachovia Corp*                 4.0     73.4               $77.4  Bank of America (BAC.N)       12.1     29.2     27.0      $68.3  Merrill Lynch**               25.1     38.6               $63.7  HSBC (HSBA.L)                 19.3     30.3     13.9      $63.5  Lloyds (LLOY.L)&               6.8     28.9     22.3      $58.0  UBS UBSN.VX                          50.6      1.7      $52.3  Royal Bk Scotland (RBS.L)      7.0     23.5     19.6      $50.1  Fannie Mae FNM.N             4.7     26.9     15.4      $47.0  Freddie Mac FRE.N            5.2     24.4     12.8      $42.4  Washington Mutual***           5.1     36.7               $41.8  Barclays (BARC.L)              7.0     16.5     13.1      $38.0  JPMorgan Chase (JPM.N)         4.5     10.2     16.8      $31.5  Lehman Brothers

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