Top U.S. and European banks have lost more than $900 billion on toxic assets and from bad loans since the start of 2007.
Losses by banks between 2007 and 2010 are expected to reach almost $2.5 trillion, roughly split between losses on securities and loans, according to International Monetary Fund forecasts. U.S. banks will take a $1.6 trillion hit and European bank losses will reach $737 billion, the IMF said.
Below is a list of estimated losses suffered by top U.S. and European banks since 2007 (in billions of U.S. dollars at current exchange rates): BANK 2007 2008 2009 YTD TOTAL Citigroup 29.1 63.4 11.9 $104.4 Wachovia Corp* 4.0 73.4 $77.4 Merrill Lynch** 25.1 38.6 $63.7 HSBC 19.3 30.3 4.8 $54.4 UBS 50.6 3.6 $54.2 Bank of America 12.1 29.2 6.9 $48.2 Washington Mutual*** 5.1 36.7 $41.8 Fannie Mae 4.7 26.9 7.2 $38.8 Royal Bk Scotland 7.0 23.5 8.0 $38.5 Freddie Mac 5.2 24.4 7.1 $36.7 Lloyds & 6.8 28.9 $35.7 Barclays 7.0 16.5 7.2 $30.7 Lehman Brothers**** 12.5 14.0 $26.5 Morgan Stanley 10.3 10.1 0.8 $21.2 Commerzbank/Dresdner 3.9 13.3 2.8 $20.0 JPMorgan Chase 4.5 10.2 4.4 $19.1 Deutsche Bank 4.0 11.2 2.8 $18.0 Credit Suisse 3.5 11.9 1.5 $16.9 Santander 4.8 8.3 3.1 $16.2 IKB && $14.7 National City***** $14.0 BNP Paribas+ 2.4 8.0 2.5 $12.9 Wells Fargo 3.5 8.7 0.5 $12.7 Unicredit 3.5 5.1 2.4 $11.0 ING 7.1 2.4 $9.5 Bayern LB 1.1 8.0 $9.1 C.Agricole+ 2.7 4.4 1.5 $8.6 BBVA 2.7 4.2 1.3 $8.1 Intesa Sanpaulo 1.6 4.5 1.0 $7.1 Societe Gen+ 1.3 3.7 1.9 $6.9 Goldman Sachs 1.7 4.9 $6.6 Canadian Imp Bk Commerce $6.5 Natixis+ 2.0 2.5 1.3 $5.8 Erste Bank 0.8 2.5 0.7 $4.0 Bear Stearns****** 3.0 0.6 $3.6 Fortis $3.1 WestLB $3.0 Standard Chartered 0.8 1.8 $2.6 Rabobank 0.8 1.7 $2.5 =============================================================== Total $914.7
(Sources: Reuters/annual reports/company filings)
Estimates based on writedowns and losses from subprime securities, mortgages, CDOs, derivatives and SIVs, and credit losses and loan loss provisions.
NOTES:
* Acquired by Wells Fargo at the end of last year.
** Acquired by Bank of America on Jan 1.
*** Assets acquired by JPMorgan in September.
**** Filed for bankruptcy in September.
***** Bought by PNC Financial Services Group in December.
****** Bought by JPMorgan in March 2008.
& Includes HBOS, taken over by Lloyds in January.
&& Bought by Lone Star in August after state-led bailouts.
+ France bank estimates based on 'cost of risk'.
