China in auto power play
It might not shake up the industry just yet, but China's interest in Volvo and Saab is the start of something big in global autos, writes columnist Wei Gu. Commentary
FACTBOX: Global write-downs and credit losses
NEW YORK (Reuters) - Lehman Brothers Holdings Inc announced a loss of $3.93 billion on Tuesday and $5.6 billion in write-downs for the third quarter.
The firm has posted over $18 billion in credit losses and write-downs since the global credit crisis began, largely due to mortgage and structured debt positions.
Banks and other financial firms around the world have taken over $420 billion on credit-related write-downs and losses since the credit crunch hit in the third quarter of 2007. FIRM: AMOUNT:
(billions of dollars) Citigroup 57.5 Merrill Lynch 46.8 UBS 41.8 HSBC 18.7 Lehman Brothers 18.2 AIG 16.8 RBS 16.5 Bank of America 15.3 IKB 14.7 Fannie Mae 12.7 Morgan Stanley 11.7 Wachovia 11.6 Deutsche Bank 11.4 Ambac 10.3 MBIA Inc 9.4 Barclays 9.2 JPMorgan 8.7 Credit Suisse 8.1 Washington Mutual 8.1 HBOS 7.5 Bayerische Landesbank 6.7 Freddie Mac 6.7 Societe Generale 6.4 Mizuho Financial Group 6.2 Dresdner Bank 5.0 Bear Stearns 3.4 Fortis 3.1 WestLB 3.1 BNP Paribas 2.7 UniCredit 2.7 Lloyds TSB 2.6 Nomura Holdings 2.5 DZ Bank 2.0 Natixis 2.0 Swiss Re 1.8 HSH Nordbank 1.7 LBBW 1.7 Commerzbank 1.2 Mitsubishi UFJ 1.2 Sumitomo 1.2 AXA 1.1
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Total 420.2 * Estimates based on write-downs, loss provisions and trading losses from subprime securities, mortgages, CDOs, derivatives and SIVs.
Sources: Reuters, company filings (Reporting by Jonathan Stempel, Dan Wilchins, Steve Slater, John O'Donnell, Elinor Comlay and Lilla Zuill. Additional writing by Carl Bagh; Editing by Louise Ireland/David Cutler/Andre Grenon)
