JPMorgan Sees UBS 2008 Writedowns at 17.7 Bln CHF

LONDON (Reuters) - JPMorgan said on Tuesday it expected UBS (UBSN.VX) to post net of tax writedowns of 17.7 billion Swiss franc ($17.99 billion) in 2008, taking its total writedowns to an estimated 39.83 billion franc.

The broker said in a report that Credit Suisse (CSGN.VX) and Deutsche Bank were expected to report net of tax writedowns of 7.25 billion franc and 2.92 billion euros this year, respectively.

It also forecast Credit Agricole (CAGR.PA) to make net of tax writedowns of 1.15 billion euros in 2008 and a 1.52 billion euros writedowns for Societe Generale (SOGN.PA).

"Recent Fed announcements are not enough to change the market environment," JPMorgan analysts said.

"In our opinion, we either need the Fed to buy structured credit assets directly, or banks to stop the 'panic mode' and 'clear the decks' by properly marking-to-market their assets, and disposing of businesses to raise equity or as a last resort raising fresh capital."

(Reporting by Dominic Lau)