Banks losing up to $52 bln over subprime
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Credit Suisse analysts estimated banks  could lose up to $52 billion over time due to their exposure to  collateralized debt obligations that invested in U.S. subprime  mortgages.
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H&R Block Inc. , the largest U.S. income tax preparer, reported a quarterly net loss on Thursday, weighed down by the subprime mortgage unit it has put up for sale, but revenue from its tax and banking businesses rose sharply.
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Banks in the Middle East will announce losses from exposure to the U.S. subprime mortgage crisis when they report fourth-quarter earnings, the Middle East Economic Digest (MEED) reported, citing bankers.
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Business & money: Fresh evidence emerges over the depth of America's sub-prime mortgage crisis.
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ZURICH, Switzerland  -- UBS AG on Thursday posted a fourth-quarter net loss of $11.28 billion, and a loss for the entire year, besieged as other banks were by investments in U.S. subprime mortgages.
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In the first sign of the toll that subprime mortgages will take on investment banks for the quarter, Lehman reported a drop in profit, but the firm managed to beat expectations.
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Turmoil in the subprime mortgage market took its toll on two Wall Street investment banks today, as second-quarter profit at Bear Stearns dropped 33 percent and Goldman Sachs squeezed out a modest 1 percent rise in profit.
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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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Some big banks report poor quarterly results and many bankers are surprised. Why?
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Wall Street banks are bracing for another wave of multibillion-dollar losses as the crisis that began with subprime mortgages spreads through the credit markets.
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The troubled mortgage lender posted a loss of $422 million, citing rising loss provisions and impairment charges.
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Federal Reserve Chairman Ben  Bernanke on Thursday said losses associated with subprime  mortgages could reach $100 billion.
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The government says it will cover losses by financial institutions providing money to the troubled bank.
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Deutsche Bank AG, Europe&#39;s third- biggest bank, will book a loss of less than 40 million euros ($54.1 million) from the sale of real estate assets to Eurocastle Investment Ltd.
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Business & money: Biggest share falls since height of credit crunch after US bank's $18bn write-off and Rock uncertainty grows
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Bear Stearns Co Inc  posted a much bigger-than-expected quarterly loss on Thursday, capping a fiscal year when the fifth-largest U.S. investment bank took a beating on bad bets on risky subprime mortgages.
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NEW YORK -- JPMorgan Chase & Co. said Wednesday its fourth-quarter profit fell 34 percent after its exposure to subprime mortgages _ though much smaller than at banking peers like Citigroup Inc. _ devalued its portfolio by $1.3 billion.