February 24, 2011 / 1:37 PM / 9 years ago

FACTBOX-European, U.S. bank writedowns, credit losses

 Feb 24 (Reuters) - Top European and U.S. banks have lost over $1.3 trillion on toxic assets and bad loans since the start of 2007.
 Europe’s banks were seen losing $1.3 trillion in the 2007-10 period with U.S. banks forecast to lose about $885 billion, according to International Monetary Fund forecasts last May. Roughly two thirds of the losses were expected to come from loans and the rest from securities.
 Below is a list of estimated losses (in billions of dollars at prevailing exchange rates):
   BANK                          2007     2008     2009    2010   TOTALS
                                                     (YTD)  Citigroup (C.N)               29.1     63.4     30.7    30.8   $154.0  Bank of America (BAC.N)       12.1     29.2     35.5    34.4   $111.2  Lloyds (LLOY.L)&               6.8     28.9     36.1    10.3    $82.1  Wachovia Corp*                 4.0     73.4                     $77.4  HSBC (HSBA.L)                 19.3     30.3     26.4            $76.0  JPMorgan Chase (JPM.N)         4.5     10.2     29.5    24.7    $68.9  Royal Bank Scotland (RBS.L)    7.0     23.5     21.3    14.9    $66.7  Merrill Lynch**               25.1     38.6                     $63.7  UBS UBSN.VX                          50.6      1.8     0.1    $52.5  Wells Fargo (WFC.N)            3.5      8.7     18.2    17.6    $48.0  Fannie Mae FNM.N             4.7     26.9     15.4            $47.0  Barclays (BARC.L)              7.0     16.5     12.7     9.2    $45.4  Freddie Mac FRE.N            5.2     24.4     12.8            $42.4  Washington Mutual***           5.1     36.7                     $41.8  Santander (SAN.MC)             4.8      8.3     13.2    14.0    $40.3  BNP Paribas+ (BNPP.PA)         2.4      8.0     11.4     6.5    $28.3  UniCredit (CRDI.MI)            3.5      5.1     11.3     7.0    $26.9  Lehman Brothers****           12.5     14.0                     $26.5  Morgan Stanley (MS.N)         10.3     10.1      2.4     0.2    $23.0  Commerzbank/Dresdner (CBKG.DE) 3.9     13.3      4.5            $22.3  Deutsche Bank (DBKGn.DE)       4.0     11.2      4.9     1.8    $21.9  BBVA (BBVA.MC)                 2.7      4.2      7.7     6.5    $21.1  Societe Gen+ (SOGN.PA)         1.3      3.7      7.9     5.7    $18.6  C.Agricole+ (CAGR.PA)          2.7      4.4      6.3     5.2    $18.6  Credit Suisse CSGN.VX        3.5     11.9      0.5     0.0    $15.9  IKB &&                                                          $14.7  Intesa Sanpaolo (ISP.MI)       1.6      4.5      4.9     3.2    $14.2  National City*****                                              $14.0  ING ING.AS                            7.1      2.4     0.9    $10.4  Bayern LB                      1.1      8.0                      $9.1  Goldman Sachs (GS.N)           1.7      4.9      1.9             $8.5  Natixis+ (CNAT.PA)             2.0      2.5      2.0     0.4     $6.9  Canadian Imp Bk Commerce                                         $6.5  Standard Chartered (STAN.L)    0.8      1.8      2.0     0.5     $5.1  Erste Bank (ERST.VI)           0.8      2.5      1.3             $4.6  Bear Stearns******             3.0      0.6                      $3.6  Fortis                                                           $3.1  WestLB                                                           $3.3  Rabobank                       0.8      1.7                      $2.5  =====================================================================  TOTAL                                                        $1,346.2
  
 (Sources: Reuters/annual reports/company filings)
 Estimates based on writedowns and losses from subprime securities, mortgages, CDOs, derivatives and SIVs, and losses on bad loans, or non-performing loans. The definition of a bad loan is complex and can vary between countries and often includes a provision for future loan losses.
 NOTES:
 *      Acquired by Wells Fargo at the end of 2008.
 **     Acquired by Bank of America on Jan 1, 2009.
 ***    Assets acquired by JPMorgan in Sept. 2008.
 ****   Filed for bankruptcy in Sept. 2008.
 *****  Bought by PNC Financial Services Group in Dec. 2008.
 ****** Bought by JPMorgan in March 2008.
 &      Includes HBOS, taken over by Lloyds in Jan. 2009.
 &&     Bought by Lone Star in Aug. 2008 after state-led bailouts.
 +      France bank estimates based on ‘cost of risk’.  (Compiled by David Cutler, Steve Slater and Elinor Comlay;)  

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