Top U.S. and European banks have lost over $1 trillion on toxic assets and from bad loans since the start of 2007. Losses from 2007-10 are expected to top $2.8 trillion, with roughly two-thirds from loans and the remainder on securities, according to International Monetary Fund forecasts. U.S. banks are expected to take a $1 trillion hit and European bank losses will reach $1.6 trillion, the IMF said last week. It said U.S. banks were about 60 percent through their needed writedowns, while British and eurozone banks had recognised only 40 percent of losses.Below is a list of estimated losses (in billions of dollars at current exchange rates):
(apology for formatting here)
Bank of America______12.1_29.2_17.2________$58.5
Royal Bk Scotland_____7.0_23.5_19.6_______$50.1
Bayern LB___________1.1__8.0_____________$ 9.1
Intesa Sanpaolo_____1.6__4.5__2.6________$ 8.7
Societe Gen+________1.3__3.7__3.4________$ 8.5
Goldman Sachs_______1.7__4.9__1.9________$ 8.5
Canadian Imp Bk Commerce_________________$ 6.5
Erste Bank__________0.8__2.5__1.3________$ 4.6
Standard Chartered__0.8__1.8__1.1________$ 3.7
Bear Stearns******__3.0__0.6_____________$ 3.6
To be updated___________________Total $1,047.6(Sources: Reuters/annual reports/company filings) Estimates based on writedowns and losses from subprime securities, mortgages, CDOs, derivatives and SIVs, and losses on bad loans, or non-performing loans. The definition of a bad loan is complex and can vary between countries and often includes a provision for future loan losses.
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* 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