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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The nation's largest banks are losing billions of dollars from the mortgage debacle. But will pain from bad housing bets be compounded by government investigations?
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Swiss bank UBS confirms a $4bn loss for 2007, after it was hit by exposure to US sub-prime home loans.
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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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Even with a mega-loss expected, the banking giant still fell short of estimates, dragging U.S. stocks lower.
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The discount broker posts a loss as mortgage-related losses mount.
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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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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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No one knows how large the earnings losses at banks will be, but the turmoil in the credit markets will likely hurt the industry over the next couple of financial quarters.
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Sichuan Changhong Electric Co&#39;s warning of an annual loss has caused many investors to worry about earnings for other listed companies this year.
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The move is a reversal of fortune that could open the door for other banks to recoup losses.
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Wall Street extended last weekâs losses in early trading as investors remained skeptical that the Federal Reserveâs first credit auction will be effective in loosening up a tight market.
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How should investors read the huge losses that Merrill may be taking?
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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 banking company is holding up in a tough market.
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Yet investors are growing increasingly worried that Goldman Sachs will fail to match its 2007 performance next year.
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Merrill Lynch & Co Inc  on Wednesday reported $7.9 billion in write-downs for the third-quarter as shaky risk management and bad bets on mortgages and leveraged loans for corporate takeovers triggered the company's first loss in six years.