Beyond Bankâs $7 Billion Loss, Fear of More
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The day that SociÃ©tÃ© GÃ©nÃ©rale said JÃ©rÃ´me Kerviel, a rogue trader, had cost it billions, it announced a large subprime-related write-down.
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Quarterly profit fell a much larger-than-expected 32 percent, hurt by mounting credit losses and poor trading results in the bankâs investment banking unit.
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Merrill Lynch & Co. on Wednesday took a $7.9 billion writedown because of the summer's credit crisis, a bigger-than-expected amount that raised the specter of more trouble ahead from risky home loans.
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Merrill Lynch & Co Inc  on Wednesday reported its first loss in six years after writing down $7.9 billion of bad bets on risky subprime mortgages and related securities.
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Could Societe Generale's $7.2 billion loss at the hands of a rogue employee have been prevented?
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Profits were buoyed by investment banking fees, but the bank said it had set aside more money for possible losses in itâs loan business, though said this wasnât due to subprime lending difficulties.
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Turnaround from record loss is not right around the corner.
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Much of the brokerage firmâs $7.9 billion write-down was tied to problems in the subprime mortgage market.
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After a $7.9 billion write-down, what's next for the financial powerhouse?
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A junior computer whiz at French bank Societe Generale was accused of racking up a $7 billion loss in bad bets on stocks in the biggest trading scandal in banking history.
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The bank said it would sell a $5 billion stake to Chinaâs sovereign wealth fund as it posted a loss after taking a new $5.7 billion write-down related to mortgages.
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The brokerageâs $7.9 billion write down raised questions about E. Stanley OâNealâs leadership and the ability of his top executives to manage the risky assets on the firmâs balance sheet.
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Towering losses at Merrill Lynch   on Thursday stirred credit crisis fears before a key testimony  by U.S. central bank chief Ben Bernanke.
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AT&amp;T Corp. swung to a third-quarter loss of $7.1 billion after recording huge charges related to the company&#39;s retreat from traditional telephone services, which has included at least 7,500 more job cuts and
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LONDON/PARIS  - Societe Generale's shock disclosure of a fraud that lost it $7 billion has left investors wondering about a link between the fiasco and Monday's European stock market rout.
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Swiss banking giant UBS said on Thursday it had suffered a net loss of 4.4 billion Swiss francs (4.0 billion dollars, 2.7 billion euros) in 2007 after losing billions in the US mortgage crisis.
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The company's large investments in a new payment service are worrying Wall Street.