Citigroup and Merrill Lynch are expected to announce further heavy write-offs this week as more bad news hits Wall Street . Citigroup’s impending $10 billion write-down is reportedly set to see Citigroup make a first quarter loss of nearly $3 billion, though some commentators have stated that the actual amount written off could be as high as $12 billion.
Merrill Lynch, meanwhile, are also expected to announce a heavy write-down of $5 billion which will contribute to a rumoured $2.7 billion first quarter loss. The write-off will deplete the value of the bank’s sub-prime sector by an estimated 20 per cent, which comes after a write-down of $18 billion just three months ago.
Since the start of 2007, banks have made an estimated $250 billion loss as a result of the credit crisis.
Two Leading Wall Street Banks Announce Further Write-Downs
Financial Services > e-banking > Banking news
Two Leading Wall Street Banks Announce Further Write-Downs
Thu, 17 Apr 2008
Recommended links
Internet Banking GuideBusiness Banking Guide
Top Pension Providers
Leading Savings Accounts
Bad Credit Loan Lenders
Research Predicts Job Losses in US Banking Sector
UK's Largest Bank Reports Increased Profits
| Banking news |
|---|
| Banks failing on online fraud says MPs report - Tue, 05 Apr 2011 |
| Lloyds TSB is to change the interest rates on its Vantage current account - Thu, 31 Mar 2011 |
| Contactless debit cards from Lloyds TSB - Tue, 29 Mar 2011 |
| More News |
Simplyhealth Dental Plan
Affordable cover from only £7.50 per month. Join now and get first month FREE
Amex Cash Back
Credit Card
Credit Card
Get 5% cash back on purchases with Amex
Income Protection Insurance
Get an instant quote with the award winning company