June 18, 2009 / 9:19 AM / 10 years ago

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

 June 18 (Reuters) - Top U.S. and European banks have lost more than $910 billion on toxic assets and from bad loans since the start of 2007.
 Writedowns on structured credit and other assets soared in 2008 as a global financial crisis deepened. Losses on souring corporate, home and consumer loans are rising as economies worsen.
 Losses by banks between 2007 and 2010 are expected to reach almost $2.5 trillion, roughly split between losses on securities and loans, according to International Monetary Fund forecasts. U.S. banks will take a $1.6 trillion hit and European bank losses will reach $737 billion, the IMF said.
 Below is a list of estimated losses suffered by top U.S. and European banks since 2007 (in billions of U.S. dollars at current exchange rates):
   BANK                          2007     2008   2009 YTD    TOTAL  Citigroup (C.N)               29.1     63.4     11.9     $104.4  Wachovia Corp*                 4.0     73.4               $77.4  Merrill Lynch**               25.1     38.6               $63.7  HSBC (HSBA.L)                 19.3     30.3     4.8       $54.4  UBS UBSN.VX                          50.6     3.6       $54.2  Bank of America (BAC.N)       12.1     29.2     6.9       $48.2  Washington Mutual***           5.1     36.7               $41.8  Fannie Mae FNM.N             4.7     26.9     7.2       $38.8  Royal Bk Scotland (RBS.L)      7.0     23.5     8.0       $38.5  Freddie Mac FRE.N            5.2     24.4     7.1       $36.7  Lloyds (LLOY.L) &              6.8     28.9               $35.7  Barclays (BARC.L)              7.0     16.5     7.2       $30.7  Lehman Brothers****           12.5     14.0               $26.5  Morgan Stanley (MS.N)         10.3     10.1     0.8       $21.2  Commerzbank/Dresdner (CBKG.DE) 3.9     13.3     2.8       $20.0  JPMorgan Chase (JPM.N)         4.5     10.2     4.4       $19.1  Deutsche Bank (DBKGn.DE)       4.0     11.2     2.8       $18.0  Credit Suisse CSGN.VX        3.5     11.9     1.5       $16.9  Santander (SAN.MC)             4.8      8.3     3.1       $16.2  IKB &&                                                    $14.7  National City*****                                        $14.0  BNP Paribas (BNPP.PA)+         2.4      8.0     2.5       $12.9  Wells Fargo (WFC.N)            3.5      8.7     0.5       $12.7  Unicredit (CRDI.MI)            3.5      5.1     2.4       $11.0  ING ING.AS                            7.1     2.4        $9.5  Bayern LB                      1.1      8.0                $9.1  C.Agricole (CAGR.PA)+          2.7      4.4     1.5        $8.6  BBVA (BBVA.MC)                 2.7      4.2     1.3        $8.1  Intesa Sanpaulo (ISP.MI)       1.6      4.5     1.0        $7.1  Societe Gen (SOGN.PA)+         1.3      3.7     1.9        $6.9  Goldman Sachs (GS.N)           1.7      4.9                $6.6  Canadian Imp Bk Commerce (CM.TO)                           $6.5  Natixis (CNAT.PA)+             2.0      2.5     1.3        $5.8  Erste Bank (ERST.VI)           0.8      2.5     0.7        $4.0  Bear Stearns******             3.0      0.6                $3.6  Fortis                                                     $3.1  WestLB                                                     $3.0  Standard Chartered (STAN.L)    0.8      1.8                $2.6  Rabobank                       0.8      1.7                $2.5  =====================                                      ====  Total                                                    $914.7  (Sources: Reuters/annual reports/company filings)
 Estimates based on writedowns and losses from subprime securities, mortgages, CDOs, derivatives and SIVs, and credit losses and loan loss provisions.
  
 NOTES:
 *      Acquired by Wells Fargo at the end of last year.
 **     Acquired by Bank of America on Jan 1.
 ***    Assets acquired by JPMorgan in September.
 ****   Filed for bankruptcy in September.
 *****  Bought by PNC Financial Services Group in December.
 ****** Bought by JPMorgan in March 2008.
 &      Includes HBOS, taken over by Lloyds in January.
 &&     Bought by Lone Star in August after state-led bailouts.
 +      France bank estimates based on ‘cost of risk’.  (Compiled by Steve Slater and Elinor Comlay; Editing by Jon Loades-Carter)  

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