writedowns

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Banks Face New Loan Crisis: Rebuilding Reserves

'Provisions' may turn out not to be large enough

(Newser) - Within Bank of America’s disappointing first-quarter earnings was an unwelcome harbinger for the banking industry, the Wall Street Journal reports. BofA’s results were dragged down by huge additions to its loan-loss provision, an expense many other banks will also record soon. Given current credit conditions, many banks will...

Bank of America Posts 77% Dive on $6B in Writedowns
Bank of America Posts 77% Dive on $6B in Writedowns
Earnings Report
Apr 21, 2008 8:00 AM CDT

Bank of America Posts 77% Dive on $6B in Writedowns

Writedowns pack bigger punch than analysts expected

(Newser) - More than $6 billion in subprime writedowns sent Bank of America profits skidding for the third straight quarter today, as the nation's second-largest bank posted a 77% decline in net income for the first quarter. Earnings were $1.21 billion, down from $5.26 billion a year ago, reports Bloomberg....

Merrill Lynch Posts Steep Q1 Loss
Merrill Lynch
Posts Steep
Q1 Loss
Apr 17, 2008 7:25 AM CDT

Merrill Lynch Posts Steep Q1 Loss

$9B in writedowns guts brokerage's earnings

(Newser) - Merrill Lynch today posted nearly $2 billion in losses in the first quarter, after taking another $9 billion in writeoffs, the Wall Street Journal reports. In its third straight quarterly loss, Merrill was in the red $1.96 billion, or $2.19 a share, compared to earning $2.16 billion,...

Merrill Braces for $6B-$8B in New Writedowns

Subprime woes mean unprecedented third consecutive losing quarter for brokerage

(Newser) - Merrill Lynch is likely to report another $6 billion to $8 billion in writedowns related to the subprime collapse tomorrow, leading to a third consecutive quarterly loss, the Wall Street Journal reports. Merrill’s chronic mortgage losses—$30 billion and counting—show just how deep the world's largest brokerage is...

JPMorgan Q1 Profits Plunge 50% on $5.1B Writedowns
JPMorgan Q1 Profits Plunge 50% on $5.1B Writedowns
Earnings Report
Apr 16, 2008 7:18 AM CDT

JPMorgan Q1 Profits Plunge 50% on $5.1B Writedowns

Blames credit markets, slowing economy

(Newser) - JPMorgan Chase, battling $5.1 billion in subprime writeoffs and deteriorating consumer credit, reported first quarter profits fell 50%, reports the Wall Street Journal. CEO Jamie Dimon warned the outlook for the remainder of 2008 was likely as grim. Morgan—the 3rd-largest US bank—said profits dropped to $2.37...

Credit Suisse Warning Revives Rogue Trader Fears

'Intentional misconduct' behind billions in writedowns

(Newser) - Investment banks got a brief lift from Wall Street results this week, but surprising reports from Credit Suisse are likely to send their confidence back into the basement, the Financial Times reports. The Swiss firm issued an unexpected first-quarter profits warning yesterday—and said “intentional misconduct” from its own...

Goldman Drops 53%, Beats Analysts' Estimates
Goldman Drops 53%,
Beats Analysts' Estimates
Earnings Report
Mar 18, 2008 7:54 AM CDT

Goldman Drops 53%, Beats Analysts' Estimates

Giant brokerage writes off $2.1 billion, sees revenues fall 35%

(Newser) - Goldman Sachs today beat analysts' dire predictions even though it reported a 53% drop in first-quarter profits—the worst falloff since 1999—after a $2.1 billion writeoff, reports Bloomberg. Analysts had expected the Wall Street brokerage to see profits drop more than 60%. Goldman said net income was $1....

Stocks Rally After Big Losses
 Stocks Rally After Big Losses 
MARKETS
Mar 13, 2008 4:01 PM CDT

Stocks Rally After Big Losses

Dow gains for the second straight day

(Newser) - Stocks rallied in the afternoon to recover big early losses, buoyed by a prediction from Standard & Poors that the end was in sight for banks' subprime writedowns. The Dow—at one point down more than 230 points—finished up 35.5 points to close at 12,145.74, MarketWatch...

AIG Posts $5.2B Loss on Writedown
AIG Posts
$5.2B Loss
on Writedown
Feb 28, 2008 5:49 PM CST

AIG Posts $5.2B Loss on Writedown

Giant insurer takes $11B charge on mortgage woes

(Newser) - Today's after-hours bad news from the credit-crunch front comes from insurer AIG, which reported a fourth-quarter loss of $5.29 billion after taking an $11 billion writedown on mortgage-related insurance contracts, the Wall Street Journal reports. The loss amounts to $2.08 per share; American International Group turned a profit...

Sprint Nextel Takes $29B Loss as Customers Walk

Loss includes huge one-time writedown; company announces cover-everything plan

(Newser) - Sprint Nextel posted a net fourth-quarter loss of $29.45 billion and doesn’t expect a quick recovery, the Wall Street Journal reports. The No. 3 US wireless company will hold off dividend payments and draw down credit lines for protection as more customers leave the service. It has also...

SocGen Trader Was No Super Hacker
SocGen Trader Was No Super Hacker
Feb 4, 2008 3:56 PM CST

SocGen Trader Was No Super Hacker

Kerviel gained passwords through careless IT security

(Newser) - While he’s been called a computer genius, the access Jerome Kerviel obtained to the Société Générale’s systems was probably the result of terrible IT security, writes PC World, not a successful hack of the French bank’s computers. Managing a bank’s passwords is a...

BoA Writes Down $5.28B; 4Q Net Income Drops 95%

Writedowns had been estimated at $3B

(Newser) - Bank of America said today its net income plummeted 95% in the fourth quarter, and it wrote down $5.28 billion in collateralized debt obligation. Net income for the largest retail bank and credit-card issuer was $268 million, or 5 cents per share, compared to $5.26 billion, or $1....

Bear Stearns Posts First Loss
Bear Stearns Posts First Loss
Dec 20, 2007 9:19 AM CST

Bear Stearns Posts First Loss

Subprime writedowns hobble 'bond shop,' loss almost four times what analysts expected

(Newser) - Analysts expected Bear Stearns to post its first-ever loss today, they just expected it to be smaller. After $1.9 billion in subprime writedowns, the company posted a $6.91 loss per share, dwarfing the $1.82 analysts predicted. Executives gave up their bonuses, as revenue from debt sales and...

Morgan Stanley Stuns With $9.4B in Writedowns

CEO gives up bonus in face of terrible performance

(Newser) - Morgan Stanley, the nation's second-largest investment bank, lost $3.59 billion this quarter, its first loss ever, after taking a whopping $9.4 billion in writedowns on mortgage-backed securities. CEO John Mack, who promised to give up his 2007 bonus as penance for the losses, also announced a $5-billion cash...

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