Writedown News: 12 December 2008

It’s been a month since I updated my list of writedowns and other credit crisis-related news, so I am sure that this list is filled with holes and missing information.  Here it goes, nonetheless.

Below are the writedowns from the previous month. These links are compiled in the credit crisis timeline.  This list is long.

December

2008 12 12 HBOS takes $11.9 billion hit as UK economy worsens
2008 12 12 Santander cuts 1,900 UK bank jobs
2008 12 11 Bank of America says to cut up to 35,000 jobs
2008 12 11 South Africa Central Bank Cuts Key Rate by Half Point
2008 12 11 Swiss Central Bank Cuts Rate to 0.5%, Recession Looms
2008 12 11 Bank of Korea reduces rates to 3%
2008 12 09 Landsbanki, Seized Icelandic Bank, Enters Bankruptcy
2008 12 09 Citigroup to Cut 1,000 Jobs at Japan’s Nikko Cordial
2008 12 09 Bank of Canada Cuts Lending Rate to Lowest Since 1958
2008 12 07 India Unveils 3 Trillion Rupee Spending Plan By March
2008 12 06 ANZ Cuts 800 Workers, 2% of Workforce, on Economic Downturn
2008 12 06 India slashes rates to shore up growth
2008 12 05 Georgia-based Bank Becomes 23rd Failure This Year
2008 12 05 Royal Bank Drops Forecast as Writedowns Cut Profit
2008 12 05 Legg Mason to Cut 8%, or 200 Jobs, as Assets Fall
2008 12 05 Capital One to Acquire Chevy Chase Bank

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2008 12 04 Credit Suisse to cut 11% of staff
2008 12 04 CIBC, Toronto-Dominion Profits Lowered by Writedowns
2008 12 04 Nomura to Cut 1,000 London Jobs as Lehman Costs Mount
2008 12 04 Sweden cuts interest rates to 2%
2008 12 04 U.K. Pound Trades Near Record Low Versus Euro as BOE Cuts Rate
2008 12 04 Is the ECB dragging its heels?
2008 12 03 NZ central bank makes record rate cut
2008 12 02 Citigroup, Wells Fargo, GE Selling FDIC-Backed Debt
2008 12 02 GAO Urges Treasury to Toughen Oversight of TARP
2008 12 02 Scotiabank Fourth-Quarter Profit Falls on Writedowns
2008 12 02 Australia: Rates slashed again, more cuts expected
2008 12 01 JPMorgan to cut 9,200 Washington Mutual jobs
2008 12 01 Countrywide Sued by Fund Over $8.4 Billion Loan Deal
2008 12 01 BayernLB will cut staff by 5,000
2008 12 01 HSBC confirms 500 UK jobs to go
2008 12 01 Westpac complete $15b St George takeover

November

2008 11 29 German regional bank seeks huge bailout
2008 11 28 Commerzbank seals Dresdner deal early
2008 11 28 Goldman Sachs Wins New York State Approval for Banking License
2008 11 28 RBS Shareholders Cede Control to British Government
2008 11 27 Helaba Says Profit Falls on Writedowns; Scraps 2008 Outlook
2008 11 26 National Bank to take $158-million writedown
2008 11 26 Lehman’s Asia risk is revealed
2008 11 26 Iceland’s Glitnir seeks protection from U.S. creditors
2008 11 26 SocGen to pay Manulife $611-million to settle Portus lawsuit
2008 11 26 China makes biggest rate cuts for decade
2008 11 25 Downey Financial files for Chapter 7 bankruptcy
2008 11 25 Bank of Montreal Profit Rises on Consumer Banking
2008 11 24 RBC takes $1.6-billion hit amid credit crisis
2008 11 24 Hungary Unexpectedly Cuts Key Rate as Inflation Eases
2008 11 23 Standard Chartered prepares $3bn rights issue
2008 11 22 Fitch downgrades credit ratings for nine building societies
2008 11 21 AIB raises €2bn by tapping the bond market

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2008 11 20 Bank of NY Mellon to cut 1,800 jobs
2008 11 20 RBS issues sweeping apology to shareholders
2008 11 20 GMAC Latest to Seek Bank Status, Access to Treasury Funds
2008 11 20 Six Japanese banks announce heavy fall in profits
2008 11 20 Barclays shares collapse to 14-year low
2008 11 20 Switzerland cuts rates by 100 basis points
2008 11 19 Deutsche Bank to sack around 900 staff
2008 11 19 Citigroup to Buy $17.4 Billion in SIV Assets
2008 11 19 Scotiabank to take $595-M in Q4 charges
2008 11 18 Macquarie, MUFG profits dive
2008 11 17 HSBC Cuts 500 Jobs in Asia on Deteriorating Economies
2008 11 16 Genworth in deal to buy bank, seeks TARP money
2008 11 16 Writedowns to hit Macquarie profits
2008 11 15 RBS to slash 3,000 banking jobs worldwide
2008 11 13 Credit Agricole Net Falls on Writedowns, Provisions
2008 11 13 CBA to take $1b hit over bad debts
2008 11 13 Ranieri’s Franklin Bank files Chapter 7 bankruptcy
2008 11 13 Mizuho to sell $3.2bn of preferred securities
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 12 GE says gets FDIC backing for $139 billion in debt
2008 11 12 Deutsche Bank sues Lehman for $US72.5m
2008 11 12 AmEx Seeks $3.5 Billion From Government, Report Says
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 11 Russia lifts rates to 12pc to save rouble as crisis deepens
2008 11 11 Swiss Central Bank Cuts Rate to 0.5%, Recession Looms