Sovereign Bancorp posts $1.6 billion loss
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Sovereign Bancorp Inc , the second-largest U.S. savings and loan, on Wednesday posted a $1.6 billion quarterly loss and canceled its dividend after a larger-than-expected write-down for consumer credit losses and the 2006 acquisition of a bank in Brooklyn, New York.
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TechWeb - Last week, SCO reported a second-quarter loss of $1.1 million on revenue of $6 million.
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The bank said it lost about $854 million, exceeding analystsâ fears about how badly it would suffer from its bad bets on subprime mortgages.
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The business racked up nearly &#36;1 billion in losses since 2001.
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â¢ Group 1 Automotive reported a net loss of $9.6 million for the third quarter, which ended Sept. 30. The results include a charge of $29.
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The discount broker posts a loss as mortgage-related losses mount.
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IBM&#39;s (IBM.N: Quote, Profile, Research) PC unit piled up nearly $1 billion in cumulative losses in recent years, the company said in a filing on Thursday detailing the planned sale of the business to China&#39;s Lenovo Group.
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Investment bank Morgan Stanley says it has suffered a $3.7bn loss from its US sub-prime mortgage exposure.
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For the period that ended Dec. 31, the company reported a loss of $16 million, or 11 cents a share, in contrast to a profit of $18 million, or 12 cents a share, in the period a year earlier.
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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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Sovereign Bancorp Inc. is reportedly on the brink of cutting several hundred jobs and closing its wholesale mortgage banking unit, the first major change at the bank since veteran Boston executive Joseph P. Campanelli took the helm in October.
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Washington Mutual Inc , the  largest U.S. savings and loan, posted a $1.87 billion  fourth-quarter loss on Thursday, its first quarterly loss in  more than a decade, battered by mortgage defaults and  write-downs.
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JPMorgan said that its exposure to subprime mortgages devalued its portfolio by $1.3 billion.
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SLM, the parent of Sallie Mae, which for years profited from placing large bets on its own stock going up, now faces a possible loss of more than $1 billion.
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One of the nationâs largest home builders posted a loss for its most recent quarter as it wrote down the value of its inventory.
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Internet gaming company Sportingbet reports a first quarter loss of Â£241.4m, after selling its US business for Â£1.
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The company reported a $1.63 billion loss in the fourth quarter as whopping charges for its Vioxx litigation settlement and other items dragged down results.