Global Bank write-offs and failures

Since the housing bubble created a global credit crunch in June 2007 after Bear Stearns announced the collapse of two funds it ran (its High-Grade Structured Credit Fund and its High Grade Structured Credit Enhanced Leveraged Fund), there have been a massive number of announced write-offs and bank failures. As a result, a number of banks have also had to issue new shares to shore up their balance sheets. Here is a partial list of what I have been able to ascertain thus far. I will write more as information comes available.

Bank Collapses
Carlyle Capital
Bear Stearns
IKB
Northern Rock

Forced Sales
Countrywide Financial

New Capital
Washington Mutual
Citigroup
Merrill Lynch
Wachovia
Morgan Stanley UBS
IKB
WestLB

Write-downs
UBS: $37.4bn
Merrill Lynch: $22bn
Citigroup: $21.1bn
HSBC: $17.2bn
Morgan Stanley: $9.4bn
Deutsche Bank: $7.1bn
Bank of America: $5.3bn
Bear Stearns: $3.2bn
JP Morgan Chase: $3.2bn
BayernLB $3.2bn
Barclays: $2.6bn
IKB: $2.6bn
Royal Bank of Scotland: $2.6bn
Credit Suisse:$2bn

Update: Information updated since in full in Credit Crisis Timeline. This includes a timeline of major events in the credit crisis, major writedowns by institution and projected writedowns for the financial system as a whole.

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