Bear Stearns suffers $854m loss
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US investment bank Bear Stearns reports its first loss after making risky bets on sub-prime mortgages.
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Washington Mutual, the savings and loan, said on Thursday that it had swung to a $1.87 billion loss in the fourth quarter, hurt badly by the sinking value of its mortgage portfolio.
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Bear Stearns, the securities firm that had a big part in triggering the collapse of the subprime market, yesterday reported the first quarterly losses in eight decades in business after write-downs for mortgage holdings and declines in trading and investment banking.
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Brokerage Bear Stearns Companies  BSC.N on Wednesday said quarterly profit fell 10 percent hurt  by lower investment banking revenue and higher expenses.
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The credit card issuer took a $391 million charge because of its struggling card business in Great Britain and reported a net loss of $84.1 million.
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The bank said its fourth-quarter earnings fell sharply,  to $268 million from $5.26 billion a year earlier, hurt by mounting credit losses and weak investment banking results.
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Morgan Stanley , the second-largest U.S. investment bank, on Wednesday posted a fourth-quarter loss after recording bigger-than-expected write-downs on assets hit by the credit crunch, and said it sold a $5 billion stake to China Investment Corp to boost capital.
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Morgan Stanley  on Wednesday posted a stunning fourth-quarter loss after recording a bigger-than-expected $9.4 billion of write-downs and said it sold a $5 billion stake to China Investment Corp to bolster its capital.
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Bear Stearns Cos. , the biggest broker for US hedge funds, has offered to provide $1.5 billion in loans to help rescue a money-losing fund run by its asset management unit, according to a person familiar with the situation.
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NEW YORK -- Bear Stearns Cos., the fifth-largest U.S. investment house, on Thursday reported robust capital markets and investment banking activity helped it achieve the best fourth quarter in the company's history.
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Bear Stearns reported its first quarterly loss ever, stung by the mortgage crisis that has swept markets across the globe.
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Morgan Stanley and Bear Stearns Companies posted a drop in quarterly profits on Wednesday, surprising some investors one day after two
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Bank sues Wall Street firm Bear Stearns for fraud and deception over loss of hundreds of millions of dollars
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Swiss banking giant UBS plunged to its first-ever full-year net loss on Thursday after losing 18 billion dollars in the US subprime mortgage crisis.
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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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Some aggrieved investors are turning to lawyers to pursue possible legal claims stemming from losses at two Bear Stearns Cos.  hedge funds that were virtually wiped out from large, illiquid bets on risky mortgages.
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The loss, which came to $3.41 a share, was in contrast to a profit of $45.4 million, or 97 cents a share, in the quarter a year earlier.