Write-Down Contributes to Profit Fall at Trust Bank
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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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Retail banking earnings were lower but were offset by investment and private equity banking gains.
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Bank of America Corp , the  second-largest U.S. bank, on Thursday said third-quarter profit  fell 32 percent, a steeper decline than expected, hurt by  mounting credit losses and the impact of volatile markets on  its investment banking unit.
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Two large Wall Street firms - Morgan Stanley and Bear Stearns - reported a fall in quarterly profits yesterday in sharp contrast to rival players who presented an upbeat performance the day before.
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MORGAN Stanley, the American investment bank, has seen its quarterly profits slide 34 per cent amid reduced trading revenues. The latest figure fell well short of Wall Streetâs already-lowered expectations after a summer of sluggish market activity.
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The bankâs net income slid to $942 million, or 53 cents a share, from $1.19 billion, or 66 cents a share, in the period a year ago.
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Deutsche Bank reports a 48% drop in profits as the global credit squeeze hits its investment earnings.
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British bank Alliance & Leicester   warned that higher funding costs will significantly  hurt its margins next year as it reported a 30 percent drop in  annual profits after a big writedown, hitting its shares.
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The company has signalled profits of between Â£285 million and Â£295 million, down on Â£311 million a year ago, following a poor run of sales.
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Fidelity Investments, the world's biggest mutual fund company, posted on Friday an 11.3 percent drop in net income, its first profit decline in four years, as it spent more to compete with rivals.
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Wachovia Corp , the fourth-largest U.S. bank, on Friday said third-quarter profit fell, hurt by write-downs related to difficult credit market conditions.
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The investment bank said third-quarter profit fell less than expected, as strength in stock trading and investment banking offset losses from the mortgage market.
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The bank was hurt by a spike in consumer credit costs and the poor performance of an investment banking unit.
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SunTrust Banks restated its first- and second-quarter earnings on Monday because of an error in how the bank accounted for loss reserves.
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Morgan Stanley, hurt by tight credit markets and adverse trading conditions, reported a 17 percent drop in its third-quarter profit today.
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Royal Bank of Canada, the country&#39;s largest bank, said fourth-quarter profit fell 37 percent after the bank took aC$255 million ($215 million) charge to write down its US mortgage unit and to cut 1,660 jobs.
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Freddie Mac yesterday reported that its second-quarter profit fell by nearly half, in part because it set aside more money to cover expected losses from defaults on mortgages.