Writedown News: 12 November 2008

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The big news this week is that writedowns have moved near trillion dollar territory. As all of the banks report earnings and come clean about losses, the figures are staggering. The largest writedowns came from the GSEs with Fannie Mae losing a staggering $29 billion. AIG was close behind. See my post, “Financial sector losses near $1 trillion” for more details.

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Below are the writedowns from the previous week. These links are compiled in the credit crisis timeline. We are now also running a news feed on the site. You can access it here. If you are interested in just the banking news stories, this is a good feed of only the stories tagged ‘banks.’

Enjoy.

2008 11 12 ING Posts Its First-Ever Loss
2008 11 12 Heavy losses at Hypo Real Estate
2008 11 12 Swiss Life warns on profit, ING posts first loss
2008 11 12 Natixis’s Investment Banking Arm Took a Hit in Oct.
2008 11 12 Downey Raises the Red Flag
2008 11 12 Morgan Stanley Plans Additional Layoffs
2008 11 12 AmEx Seeks $3.5 Billion From Government, Report Says
2008 11 12 Barclays shareholders revolting over Middle East fundraising
2008 11 11 Dresdner Had EU650 Million Third-Quarter Writedowns
2008 11 11 Fannie Mae Loses $29 Billion on Write-Downs
2008 11 11 Goldman urged bets against bonds it sold: paper
2008 11 10 HSBC’s Profit Up on Year, Takes $4.9 Billion Hit
2008 11 10 £37bn bail-out will encourage reckless banks, says HSBC boss
2008 11 10 Goldman cuts 10 percent of bankers in Tokyo: sources
2008 11 10 NAB plans to raise $2b with share sale
2008 11 10 Latvia takes over Parex after run on bank
2008 11 10 Nationwide profits dive on 17% mortgage drop
2008 11 10 American Express to Become Bank Holding Company
2008 11 10 Santander to Raise $9.2 Billion in Rights Issue
2008 11 10 Sweden’s Carnegie to Raise $152 Million
2008 11 10 Former UBS Chief to Forego $10 Million in Exit Pay
2008 11 10 Wells Sells $11 Billion in Stock for Wachovia Deal
2008 11 06 Hannover Re Scraps Dividend Amid Writedowns, Storms
2008 11 06 Belgium’s KBC Swings to 3Q Loss on Writedowns
2008 11 06 Itau Leads Brazilian Banks Higher on Consolidation
2008 11 05 MBIA, Ambac Losses Widen on Higher Claims Forecast
2008 11 05 Banking crisis wipes 56% off BNP Paribas profits
2008 11 04 Swiss Re reports surprise deficit
2008 11 04 UBS says money outflows slowing, wary on fourth quarter
2008 11 04 RBS sees more writedowns, eyes 2010 dividend restart
2008 11 04 WestLB becomes latest bank to tap German state’s bailout fund
2008 11 03 Profits slump at Societe Generale
2008 11 03 Lloyds TSB urges takeover of HBOS, despite £5bn of writedowns
2008 11 03 17th Bank Failure Could Cost $104 Million: Why?
2008 10 31 Citigroup loses $1.4 bln on securitizations
2008 10 30 Generali Profit Falls on Writedowns, Life Insurance

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