Go directly to the latest news additions or to the chronological timeline of major credit crunch events
The list below is the largest collection of links related to the present credit crisis on the web. I have been amending this list since May 2008. But, as the list is pretty large now, I have taken care to break it up into different sections. Please use the Index to move around this post and find just what you are looking for.
I have also recently updated this list by backing it up to a database. That has allowed me to provide all of the banking crisis events in a list in reverse chronological order at the new Banking Crisis Timeline. I hope these lists are helpful.
If you need some quick background information on particular events or firms in the credit crisis, you’ve come to the right place. However, if you want a quick and dirty guide to the credit crisis, this list is not it — it is too all-encompassing. But, I have just posted a shorter version of the credit crisis that should be more accessible and a quicker read. It’s called “The Dummy’s Guide to the US Banking Crisis”.
In view of recent market turmoil, I have decided to provide a framework of the types of articles you should see here. I need to note that this list doesn’t include rumor, speculation or negotiations. The list only includes actual events in the financial services sector after they have occurred and includes the following categories.
- Writedowns of assets
- Capital raising
- Job cuts
- Bankruptcies
- Ratings changes
- Managerial changes
- Earnings reports
- Lawsuits
- Some significant stock price changes
- List of Financial Institutions
- Intro
- Useful Primers
- Latest Writedown News
- Chronological Timeline of Major Credit Crisis and Housing Bubble Events
- Predicted Final Loss Estimates
- Total Present Global Losses Tally
- Financial Services Job Losses
- Capital Raised Tally
- Government Action
- Financial Institutions
There have been tremendous economic dislocations during the present banking crisis. Initially written off as a sub-prime crisis, leading policy makers said the crisis was contained. It has since spilled over into Jumbo mortgage rates, Collateralized Debt Obligations (CDOs), all asset backed securities, High Yield bonds, SIVs, the inter-bank market, commercial paper, money market funds, the auction rate market, hedge fund losses, and a massive housing bust and the real economy. Banks and financial institutions from around the world are writing down billions of dollars of losses. Housing markets are falling in the US, the UK, Spain and Ireland. This crisis is truly global.
I decided to take a look to get a comprehensive view of what this is doing to our financial system. Below is my list of major announcements of asset writedowns, bank failures, CEO dismissals, trading losses, capital raising and job losses at major global lending institutions as a direct result of the credit crisis of 2007-2008.
In addition, I have included a number of pre-crisis merger announcements that served as prelude to an increased risk taking after the deals closed and leading up to the crisis. This is not just a chronological listing of events and news in the housing bubble and credit crisis but also
- a timeline of major crisis events and writedowns by financial institution. I believe it to be the most comprehensive data set on writedown statistics on the web.
- a running tally of credit writedowns by global banks (now over $500 billion)
- a look back at the increasing amounts of capital raised by global financial institutions
The list reaches far and wide and should give one pause as to the ability of the global financial system to recover from this calamity without significant recessionary effects in the real economy in the US and elsewhere. The losses and needed capital continually rise, with investors willing to infuse these institutions with capital time and again.
This crisis has been consistently underestimated as it gathers steam. It is far from a subprime crisis, but rather a debt or credit crisis because of the debt and deleveraging threatening global financial stability.
I update this list on a continuous basis. Check back for additions or look for writedown news under the label ‘writedowns.’ I have also added a list of Bankrupt Global Financial Institutions. I do expect this list to grow over time.
United States housing bubble including timeline (Wikipedia)
Subprime crisis impact timeline (Wikipedia)
Subprime mortgage crisis (Wikipedia)
The US sub-prime crisis in graphics (BBC News)
Subprime lending (Wikipedia)
Timeline of a Crisis, (WSJ thru Mar 2008)
Housebuilders in crisis: timeline (The Guardian)
Credit crunch: Around the world (BBC News) – one year on
Banking crisis timeline (September and October 2008) – Guardian
What is a credit writedown?
It is a reduction in the value of an asset as it is carried on a firm’s balance sheet. As these losses must also be reflected on the income statement, credit writedowns result in massive losses.
For example, a company may believe a number of mortgage-backed securities are permanently impaired and are carried on the balance sheet at values that do not reflect market prices. As a result, they may decide to take a writedown by reducing the valuation.
Also, unlike a writeoff, a writedown does not result in a total elimination of the asset from the balance sheet, just a reduction in its carrying value.
2008 10 30 Generali Profit Falls on Writedowns, Life Insurance
2008 10 29 Fed Cuts Rate to 1% to Avert Prolonged Recession
2008 10 29 Norway cuts rates by half a point
2008 10 29 Sumitomo Mitsui First-Half Profit Falls on Bad Loans
2008 10 29 Lazard Posts Loss on Asset-Management Unit Purchase
2008 10 29 Citigroup, Credit Suisse Link Loans to Swaps in Shift
2008 10 29 GMAC Added to Commercial Paper Plan, May Become Bank
2008 10 29 Legg Mason Beats Estimates, Rises Most in 25 Years
2008 10 29 Kuwaiti Parliament Passes Law Guaranteeing All Bank Deposits
2008 10 29 HRE taps bailout fund for €15bn
2008 10 28 Bank of England estimates world credit loss at ‘£1.8 trillion’
2008 10 28 Nomura on Course for Record Loss on Lehman, Iceland
2008 10 28 Danske Cuts Outlook After Net Slumps on Loan Losses
2008 10 28 Santander buoyed by robust retail business
2008 10 28 Provident sees $5.4 million loss over portfolio devaluation
2008 10 28 EU approves German bail-out scheme
2008 10 28 Aegon gets €3bn in government capital
2008 10 28 Iceland raises rates sharply, others poised to cut
2008 10 27 Agricole brokerage arm takes pay cut
2008 10 23 ANZ Bank’s Second-Half Profit Drops 0.35 on Provisions
2008 10 23 Sweden Cuts Key Rate to Stimulate Lending, Economy
2008 10 23 Credit Suisse Posts Third-Quarter Loss on Writedowns
2008 10 23 SunTrust Net Income Falls 0.26 on Higher Loan Losses
2008 10 22 Netherlands EU200 Billion Bank Guarantee Will Last Through 2009
2008 10 22 Wachovia reports 23.9 billion loss
2008 10 21 NAB full-year earnings drop 0.107 on bad debts
2008 10 21 ING Groep’s Senior Debt Rating Cut to Aa3 by Moody’s
2008 10 21 Hannover Re Abandons Profit Target After Writedowns
2008 10 21 Fifth Third Posts Loss on Fannie Mae, Freddie Mac
2008 10 21 National City, Fifth Third, KeyCorp Report Losses
2008 10 21 Sun Life posts Q3 loss of $396M
2008 10 21 Bank of Canada cuts key rate
2008 10 21 National City has big loss, to cut 4000 jobs
2008 10 20 ING Gets 13.4 Billion Injection From the Netherlands
2008 10 20 Caisse d’Epargne chairman resigns after trading loss
2008 10 20 India cuts key interest rate
2008 10 20 Sweden launches financial rescue package
2008 10 16 Bank of America’s Merrill Deal Is Approved by F.T.C.
2008 10 16 Citi Posts 2.8 Billion 3rd-Quarter Loss
2008 10 16 Merrill Lynch Posts 5.2 Billion Loss
2008 10 16 BOE Curbs Disclosure, Cuts Penalty to Quash Stigma
2008 10 16 ECB Widens Collateral Rules, Slashes Required Ratings
2008 10 16 ECB gives Hungary €5bn credit line
2008 10 16 JPMorgan to grant WaMu access to 4.4 billion in funds
2008 10 16 Swiss banks raise emergency funds to fight crisis
HSBC shock announcement begins the pre-panic phase
2007 02 08 HSBC to Boost Loan-Loss Provisions on Bad Mortgages
2007 02 08 Subprime Mortgage Bond Risks Surge, Index Suggests
2007 02 22 HSBC announces departure of two top executives at U.S. business
2007 03 04 US triggers $11bn HSBC fall-out
2007 03 05 New Century Leads Drop in Shares of Mortgage Lenders
2007 03 12 DR Horton warns of huge losses
2007 03 12 New Century shares are suspended
2007 03 21 `Short Sellers’ Who Predicted Subprime Rout See More Declines
2007 04 02 New Century Financial in Chapter 11 move
2007 04 05 NovaStar Cuts Off Credit Lines for Mortgage Bankers
2007 05 30 Kensington agrees to £283m buyout
Prelude to panic starts with Bear Stearns hedge fund losses
2007 06 23 $3.2 Billion Move By Bear Stearns To Rescue Fund
2007 07 30 IKB Cuts Profit Forecast Amid Rout in U.S. Mortgages
2007 07 31 American Home Can’t Fund Mortgages, Shares Plummet
2007 08 02 Accredited May Face Bankruptcy, Merger in Doubt
2007 08 06 American Home files for bankruptcy
2007 08 08 Fund of German Bank WestLB Stops Payouts, Citing Mortgage Market Unease
Panic of 2007
2007 08 09 BNP Paribas Freezes Funds as Loan Losses Roil Markets
2007 08 14 Goldman and Investors to Put $3 Billion Into Fund
2007 08 15 Countrywide Financial ‘risks bankruptcy’
2007 08 17 Fed Cuts Discount Rate to 5.75% to Ease Credit Crunch
2007 08 21 SachsenLB Has EU3 Billion in Subprime, Person Says
2007 08 22 H&R Block Taps Credit Line, Cites `Unstable’ Markets
2007 08 22 Lehman, Accredited, HSBC Shut Offices; Crisis Spreads
2007 08 23 Fed lends $2 billion to banks to ease credit woes
2007 08 29 Basis Yield Files Bankruptcy Over Subprime Defaults
2007 09 06 ECB injects 250 Billion euros into markets
2007 09 14 Northern Rock Gets Emergency Bank of England Funding
2007 09 17 Government guarantees Northern Rock deposits
2007 09 17 NovaStar Can’t Pay Dividend, Forfeits REIT Status
2007 09 18 Stocks Surge on Big Fed Rate Cut
Losses show in earnest after Q3
2007 10 05 Merrill in $5.5bn sub-prime loss
2007 10 24 Merrill Lynch Reports Loss on $8.4 Billion Writedown
2007 10 31 Fed Lowers Rate by a Quarter Point to 4.5 Percent
2007 11 08 Morgan Stanley takes $3.7bn hit
2007 11 27 Citigroup to Sell $7.5 Billion Stake to Abu Dhabi
2007 12 06 Black Humor Pervades Norway as Subprime Losses Extend to Arctic
2007 12 10 UBS posts fresh $10bn write-down
2007 12 10 MBIA Gets $1 Billion From Warburg Pincus, Sees Losses
2007 12 10 Bank of America to Liquidate $12 Billion Cash Fund
2007 12 11 US rates reduced for third time
2007 12 12 Florida Fund Reduced By $1.9 Billion After SIV Losses
2007 12 13 World central banks agree to inject at least $100bn into inter-bank markets
2007 12 14 Citigroup Rescues SIVs With $58 Billion Debt Bailout
2007 12 17 $20bn from Fed to ease credit woe
2007 12 18 The ECB lends over $500 billion for Christmas
2007 12 19 Ambac, MBIA Outlook Lowered by S&P, ACA Cut to CCC
2007 12 24 Merrill Lynch to Get $6.2 Billion From Temasek, Davis
Losses after Q4 rising
2008 01 15 Citi Writes Down $18 Billion; Merrill Gets Infusion
2008 01 22 As markets implode, Fed panics and cuts 75bps
2008 01 28 Scandal stings not just bank, but French pride, too
2008 01 30 The Federal Reserve cuts again, 50 basis points
2008 02 14 UBS confirms sub-prime $18.4 billion loss
2008 03 03 HSBC in $17bn credit crisis loss
2008 03 06 Peloton Capital hedge fund collapses
2008 03 07 Ambac Gets $1.5 Billion in Capital to Keep AAA Grade
2008 03 11 Carlyle Fund Tries to Halt Liquidation
Bear Stearns collapses
2008 03 11 Central Banks inject $200 billion of liquidity into markets
2008 03 14 JPMorgan and Fed Move to Bail Out Bear Stearns
2008 03 25 Seeking Fast Deal, JPMorgan Quintuples Bear Stearns Bid
2008 03 31 US Treasury Backs Regulatory Overhaul, Broader Fed Role
Losses still rising in 1st Quarter 2008
2008 04 01 UBS writes down another $19 billion
2008 04 01 Deutsche Bank to write down $4B
2008 04 04 MBIA Loses AAA Insurer Rating From Fitch Over Capital
2008 04 08 Washington Mutual Raising $7 Billion
2008 04 14 Wachovia’s Loss a Grim Sign for Banks
2008 04 18 Citigroup Reports Loss on $15 Billion of Credit Costs
2008 04 21 Funds to invest up to $8bn in National City bank
2008 04 22 Merrill Raises $9.55 Billion in Sales of Debt, Preferred Shares
2008 04 22 RBS aims to raise $24B in new capital
2008 04 29 Citigroup Sells $3 Billion of Stock to Boost Capital
2008 04 29 HBOS Plans to Raise 4 Billion Pounds in Share Sale
2008 04 30 Citigroup Increases Stock Offering to $4.5 Billion
2008 05 06 Fannie Mae to raise $6bn new capital
2008 05 07 Town of Vallejo, California goes bankrupt
2008 05 09 Citigroup to wind down $400bn of assets
2008 05 19 Banks Keep $35 Billion Markdown Off Income Statements
Renewed Concerns over losses as Q2 progresses
2008 05 26 UBS Falls After Saying More Mortgage Losses Possible
2008 06 02 Morgan Stanley, Merrill, Lehman Ratings Cut by S&P
2008 06 02 Bradford & Bingley shares plunge as lender warns on profits
2008 06 05 MBIA, Ambac, $1 Trillion of Debt, Lose S&P AAA Rating
Second leg in write-off: more loans, fewer derivative securities
2008 06 09 Lehman Brothers to post $3 bln loss; sets $6 bln stock sale
2008 06 09 Lehman to post $2.8 billion quarterly loss
2008 06 09 Lehman Cuts $130 Billion of Assets to End Bear Stigma
2008 06 12 KeyCorp to raise $1.5 billion, cut dividend 50%
2008 06 18 Fifth Third Falls on Plan to Raise $2 Billion, Cut Dividend
2008 06 25 Countrywide Sued by California Over Mortgage Loans
2008 06 25 Countrywide Financial Faces Illinois Suit Over Mortgage Loans
2008 06 30 Florida Sues Countrywide
2008 07 07 Freddie Mac, Fannie Mae Plunge on Capital Concerns
2008 07 10 U.S. Mulls Future of Fannie, Freddie
Prelude to 2nd panic begins with IndyMac failure
2008 07 11 IndyMac Seized by U.S. Regulators Amid Cash Crunch
2008 07 18 Barclays and HBOS cash calls shunned
2007 07 25 National Australia Bank tumbles on new $830m provision
2008 07 28 Merrill Has $5.7 Billion of Writedowns, Sells Shares
2008 08 08 Auction-Rate Buybacks: The Bottom Line
2008 08 20 Fannie Mae and Freddie Mac shares fall on fears of size of potential losses
2008 08 20 Lehman’s secret talks to sell 50% stake stall
Panic of 2008
2008 09 07 Paulson Engineers U.S. Takeover of Fannie, Freddie
2008 09 15 Lehman Files Biggest Bankruptcy After Suitors Balk
2008 09 15 Lehman Bankruptcy Summons Drexel Ghost 18 Years Later
2008 09 15 Bank of America to Acquire Merrill as Crisis Deepens
2008 09 15 Fed Widens Collateral, Banks Set Up $70 Billion Fund
2008 09 16 Fed to lend $85 billion to AIG, take 80 percent stake
2008 09 18 Lloyds TSB seals £12.2bn HBOS deal
2008 09 25 WaMu Seized by U.S., Assets Sold to JPMorgan in Record Failure
2008 09 29 B&B nationalisation is confirmed
2008 09 29 Iceland nationalises Glitnir bank
2008 10 03 Dutch part of Fortis is nationalised
2008 10 06 Hypo Real Gets EU50 Billion Government-Led Bailout
2008 10 07 UK makes massive rescue plan for banks
2008 10 08 Fed Will Lend Directly to Corporations
2007 06 30 $250 Billion in Subprime Losses?
2007 10 09 US subprime losses may reach $150 billion: S&Pnews
2007 11 12 Subprime Losses May Reach $400 Billion, Analysts Say
2007 11 20 Subprime crisis seen spilling into 2009; Losses top out at $270 Billion
2007 11 22 U.S. subprime losses may hit $300 billion, OECD estimates
2008 01 31 Subprime, CDO Bank Losses May Exceed $265 Billion
2008 01 31 S&P sees more than $265 bln subprime losses
2008 02 11 Credit writedowns may total $175B – analyst
2008 02 29 Financial Firms Face $600 Billion of Losses, UBS Says
2008 03 13 Subprime losses may reach 285 billion dollars: S&P
2008 04 08 IMF says writedowns on US assets could total $945bn
2008 04 15 OECD raises subprime loss tally to $350-420 bln
2008 04 16 OECD predicts subprime losses to hit $420bn
2008 04 23 Subprime write-downs hit $269 billion
2008 04 29 $800 Billion more in Subprime, Alt-A Mortgages May Head `Underwater’
2008 05 14 Subprime losses by global banks total US$400 billion: Fitch
2008 05 20 Credit Crisis Will Extend Into 2009, $170 bn in additional writeoffs
2008 06 02 Wall Street May Face $460 Bln in Losses, Goldman Says
2008 06 18 Paulson & Co. Says Writedowns May Reach $1.3 Trillion
2008 07 07 Treasuries Little Changed; SonntagsZeitung Says Losses to Grow
2008 08 07 Yes, That’s $2 Trillion of Debt-Related Losses
2008 10 07 IMF estimates US mortgage losses to hit $US1.4 trillion
2008 10 28 Bank of England estimates world credit loss at ‘£1.8 trillion’
2007 12 27 Subprime Bank Losses Reach $97 Billion, Led by Citigroup: Table
2008 01 22 Subprime Bank Losses Reach $133 Billion, Led by Merrill: Table
2008 01 31 Subprime Bank Losses Reach $146 Billion as Europe Joins: Table
2008 02 22 Subprime Losses Reach $163 Billion With Asian Banks
2008 02 29 Subprime Losses Reach $181 Billion With European Banks: Table
2008 03 07 Subprime Losses Reach $188 Billion With Canada, Europe: Table
2008 03 14 Subprime Losses Reach $195 Billion; German Banks Get Hit: Table
2008 03 26 Subprime Losses Exceed $208 Billion With U.S. Writedowns: Table
2008 04 01 Subprime Losses Reach $232 Billion With UBS, Deutsche: Table
2008 04 10 Subprime Bank Losses Reach $245 Billion With WaMu, HSH: Table
2008 04 28 Subprime Bank Losses Reach $312 Billion With RBS, Nomura: Table
2008 05 09 Subprime Bank Losses Top $323 Billion With HBOS, Lloyds: Table
2008 05 19 Subprime Losses Top $379 Billion on Balance-Sheet Marks: Table
2008 06 18 Subprime Losses Top $396 Billion on Brokers’ Writedowns: Table
2008 08 12 Banks’ Subprime Losses Top $500 Billion on Writedowns
2008 08 20 Banks’ Subprime Market-Related Losses, Capital Raised: Table
2008 08 27 Banks’ Subprime Market-Related Losses Reach $506 Billion: Table
2008 09 25 Banks’ Subprime Market-Related Losses Top $523 Billion: Table
2008 09 29 Banks’ Subprime-Related Losses Surge to $591 Billion: Table
2008 01 24 Morgan Stanley, Lehman, Credit Suisse Cut 1,640 Jobs
2008 02 26 Banks Cut More Than 28,000 Jobs as Subprime Losses Mount: Table
2008 03 24 Wall Street Firms Cut 34,000 Jobs, Most Since 2001 Dot-Com Bust
2008 04 22 Banks Cut 48,000 Jobs as Subprime Losses Mount: Table
2008 05 06 Banks, Brokers Cut 65,000 Jobs as Subprime Losses Mount: Table
2008 05 27 Banks, Brokers Cut 83,000 Jobs as Subprime Losses Mount: Table
2008 09 26 Banks’ Job Cuts Reach 121,000 as Credit Woes Spread: Table
2008 01 15 Citigroup, Merrill Receive $21 Billion From Investors
2008 02 01 Banks Look Overseas, Markets to Raise $84 Billion
2008 04 02 Banks Get $136 Billion From Governments, Private Sources: Table
2008 04 16 Banks Get $163 Billion From Governments, Private Sources: Table
2008 04 30 Banks Raise $231 Billion Capital as Credit Losses Surge: Table
2008 06 18 Banks raise $302 Billion in Capital after Brokers’ Losses
2008 07 02 Reference within article: Capital raising has topped $322 Billion
2008 07 15 Reference within article: Capital raising tops $325 Billion
2008 07 22 Reference within article: Capital raising at $345 Billion
2008 08 12 Banks raise $353 Billion in Capital
2008 08 20 Banks’ Subprime Market-Related Losses, Capital Raised: Table
2008 09 29 Banks’ Capital Raised up to $434 Billion: Table
Foreclosure Estimates
2007 03 12 Foreclosures May Hit 1.5 Million in U.S. Housing Bust
2008 10 29 Fed Cuts Rate to 1% to Avert Prolonged Recession
2008 10 29 Norway cuts rates by half a point
2008 10 29 Kuwaiti Parliament Passes Law Guaranteeing All Bank Deposits
2008 10 28 EU approves German bail-out scheme
2008 10 28 Iceland raises rates sharply, others poised to cut
2008 10 23 Sweden Cuts Key Rate to Stimulate Lending, Economy
2008 10 22 Netherlands EU200 Billion Bank Guarantee Will Last Through 2009
2008 10 21 Bank of Canada cuts key rate
2008 10 20 India cuts key interest rate
2008 10 20 Sweden launches financial rescue package
2008 10 16 BOE Curbs Disclosure, Cuts Penalty to Quash Stigma
2008 10 16 ECB Widens Collateral Rules, Slashes Required Ratings
2008 10 16 ECB gives Hungary €5bn credit line
2008 10 16 Swiss banks raise emergency funds to fight crisis
2008 10 15 Iceland Cuts Key Interest Rate to 0.12 From 15.5%
2008 10 15 European central banks pump $250bn liquidity
2008 10 15 EU backs emergency accounting changes
2008 10 13 Fed Says ECB, Others to Offer Unlimited Dollar Funds
2008 10 13 EU Nations Commit 1.3 Trillion Euros to Bank Bailouts
2008 10 13 Germany Pledges EU500 Billion in Bank Rescue Plan
2008 10 13 RBS, HBOS and Lloyds to get $64 billion from U.K.
2008 10 12 Australia to guarantee bank deposits for three years: PM
2008 10 08 Fed Will Lend Directly to Corporations
2008 10 08 Austria Guarantees All Deposits, Stops Short Selling
2008 10 08 Federal Reserve, ECB and Bank of England make emergency interest rate cuts
2008 10 07 Iceland gets $7.6b Russian loan to halt meltdown
2008 10 07 Spain announces emergency fund
2008 10 07 UK makes massive rescue plan for banks
2008 10 06 Hypo Real Gets EU50 Billion Government-Led Bailout
2008 10 05 Denmark Guarantees Deposits in 6.4 Billion Pact
2008 10 05 Germany Guarantees Private Deposits in Bid to Calm Bank `Panic’
2008 10 03 Dutch part of Fortis is nationalised
2008 10 03 Greece joins bailout stampede as Germany vows no blank cheques
2008 09 30 Irish government guarantees bank deposits
2008 09 29 B&B nationalisation is confirmed
2008 09 29 Iceland nationalises Glitnir bank
2008 09 25 WaMu Seized by U.S., Assets Sold to JPMorgan in Record Failure
2008 09 16 Fed to lend 85 billion to AIG, take 80 percent stake
2008 09 15 Fed Widens Collateral, Banks Set Up 70 Billion Fund
2008 09 07 Paulson Engineers U.S. Takeover of Fannie, Freddie
2008 05 07 Town of Vallejo, California goes bankrupt
2008 03 31 US Treasury Backs Regulatory Overhaul, Broader Fed Role
2008 03 14 JPMorgan and Fed Move to Bail Out Bear Stearns
2008 03 11 Central Banks inject 200 billion of liquidity into markets
2008 01 30 The Federal Reserve cuts again, 50 basis points
2008 01 22 As markets implode, Fed panics and cuts 75bps
2007 12 18 The ECB lends over 500 billion for Christmas
2007 12 17 $20bn from Fed to ease credit woe
2007 12 13 World central banks agree to inject at least $100bn into inter-bank markets
2007 12 12 Florida Fund Reduced By 1.9 Billion After SIV Losses
2007 12 11 US rates reduced for third time
2007 10 31 Fed Lowers Rate by a Quarter Point to 4.5 Percent
2007 09 18 Stocks Surge on Big Fed Rate Cut
2007 09 17 Government guarantees Northern Rock deposits
2007 09 15 Credit Crisis Hits Lender In Britain
2007 09 14 Northern Rock Gets Emergency Bank of England
2007 09 06 ECB injects 250 Billion euros into markets
2007 08 23 Fed lends 2 billion to banks to ease credit woes
2007 08 17 Fed Cuts Discount Rate to 5.75% to Ease Credit Crunch
List of bank mergers in the United States
United States’ Largest Banks
List of banks in the United Kingdom
List of building societies in the United Kingdom
Biggest Mortgage Lenders (for 2007)
(incl. Countrywide Financial)
2007 07 24 Rising defaults hit top US lender
2007 08 15 Top US lender ‘risks bankruptcy’
2007 08 16 Liquidity woes hit more lenders
2007 08 23 US mortgage firm gets $2bn boost
2007 11 13 Bank of America in sub-prime hit
2007 11 13 Bank of America Sees $3 Billion Write-Off, CFO Says
2007 12 10 Bank of America to Liquidate $12 Billion Cash Fund
2008 01 11 Bank of America buys Countrywide
2008 01 23 Bank of America Joins Parade of Mortgage-Related Losses
2008 04 21 Bank of America’s profit drops 77 percent in first quarter
2008 04 29 Countrywide Reports $893 Million Loss From Bad Loans
2008 05 06 You’ve Been Warned: Bank of America Eyeing Countrywide
2008 06 18 ‘Friends of Angelo’ Get Good Loans
2008 06 18 Senate Panel to Review Conrad’s Countrywide Home Loans
2008 06 25 Text of the California suit, (PDF)
2008 06 25 Illinois Plans to Sue Countrywide, CEO
2008 06 25 Bank of America’s Countrywide Tab Signed by Taxpayers
2008 06 25 Countrywide Sued by California Over Mortgage Loans
2008 06 25 Countrywide Financial Faces Illinois Suit Over Mortgage Loans
2008 06 30 Florida Sues Countrywide
2008 07 21 Earnings Fall 44% at Bank of America
2008 07 24 San Diego Sues Bank of America Over Foreclosures
2008 09 15 Bank of America to Acquire Merrill as Crisis Deepens
2008 10 06 BofA earnings tumble, cuts dividend
2008 10 06 Countrywide to Set Aside $8.4 Billion in Loan Aid
2008 10 16 Merrill Lynch Posts $5.2 Billion Loss
2008 10 16 Bank of America’s Merrill Deal Is Approved by F.T.C.
1998 04 07 In Largest Deal Ever, Citicorp Plans Merger with Travelers Group
2007 10 02 Write-Downs by Big Banks Spark Rally
2007 11 03 Citigroup Chief Is Set to Exit Amid Losses
2007 11 04 Citigroup’s Prince Steps Down, Rubin Named Chairman
2007 11 27 Citigroup to Sell $7.5 Billion Stake to Abu Dhabi
2007 12 14 Citigroup Rescues SIVs With $58 Billion Debt Bailout
2008 01 15 Citigroup’s $9.8bn sub-prime loss
2008 01 15 Citigroup Loses $9.8 Billion; Will Cut Jobs
2008 01 16 Citigroup’s Big Loss Fuels Anxiety and Depresses Stocks
2008 04 18 Citigroup Reports Loss on $15 Billion of Credit Costs
2008 04 29 Citigroup Sells $3 Billion of Stock to Boost Capital
2008 04 30 Citigroup Increases Stock Offering to $4.5 Billion
2008 05 09 Pandit Citigroup Turnaround Plan May Mean Asset Sales
2008 05 09 Citigroup to wind down $400bn of assets
2008 06 09 Citigroup, Merrill, UBS Face Further Writedowns, Whitney Says
2008 06 11 Banks face $10bn monolines charges
2008 06 23 Citigroup and Goldman Sachs cut more staff as effect of credit crunch lingers
2008 07 18 Citi Posts Smaller-Than-Estimated Loss on Writedown
2008 08 07 Citigroup reaches SEC settlement on auction rate securities
2008 09 29 Citigroup Acquires Most of Wachovia; “Not a Failure,” FDIC Says
2008 10 03 Wells bids $15 billion for Wachovia; scuffles with Citi
2008 10 05 The Citi Restraining Order and Supporting Motion
2008 10 16 Citi Posts $2.8 Billion 3rd-Quarter Loss
2006 02 16 Washington Mutual to Cut 2,500 Jobs
2007 06 12 Bear Stearns’ Subprime Bath
2007 06 23 Bear Stearns Fund Collapse Sends Shock Through CDOs
2007 06 23 $3.2 Billion Move By Bear Stearns To Rescue Fund
2007 06 26 Bear Stearns provides update on BSAM structured credit strategies funds
2007 07 18 Bear Stearns Says Battered Hedge Funds Are Worth Little
2007 08 02 Bear Stearns funds enter bankruptcy
2007 08 07 Bear Stearns Caymans Filing May Hurt Funds’ Creditors
2007 08 09 Bear Stearns sued over hedge fund collapse
2007 09 12 Washington Mutual, First Horizon Cut Jobs From Mortgage Units
2007 11 15 Bear Stearns Credit Rating Cut by S&P on Writedowns
2007 11 21 Bear Stearns’s Former President to Keep $23 Million
2007 11 28 Bear Stearns to Cut 650 Jobs Amid Mortgage Losses
2007 12 11 Washington Mutual Cutting Dividend and Jobs
2007 12 19 Bear Stearns Hedge Fund Manager Departs Amid Probes
2007 12 20 Bear Stearns Posts First Loss on Mortgage Writedowns
2007 12 20 Barclays sues Bear Stearns over hedge fund collapses
2008 01 09 Bear Stearns boss Cayne resigns
2008 01 16 JP Morgan’s $1.3bn sub-prime hit
2008 01 18 Write-Down Contributes to Profit Fall at Trust Bank
2008 03 14 JPMorgan and Fed Move to Bail Out Bear Stearns
2008 03 14 Bear Stearns Has Credit Ratings Slashed After Bailout
2008 03 15 Run on Big Wall St. Bank Spurs U.S.-Backed Rescue
2008 03 25 Seeking Fast Deal, JPMorgan Quintuples Bear Stearns Bid
2008 04 07 Bear Stearns Sued for $1 Billion by Fund Liquidators
2008 04 15 Timeline of JP Morgan Chase’s acquisition of Bear Stearns
2008 04 16 JPMorgan Chase’s profit drops 50 pct in 1Q on reserves boost
2008 04 08 Washington Mutual Raising $7 Billion
2008 04 09 WaMu’s Hedge: CEO Called In Dimon & Co.
2008 04 15 A Loss and a Shake-up at Washington Mutual
2008 05 29 Bear Stearns Holders Approve Purchase, Ending Era
2008 06 02 Washington Mutual’s Killinger Steps Down as Chairman
2008 06 09 Washington Mutual Falls on $22 Billion Loss Estimate
2008 06 19 WaMu cuts 1,200 more jobs as part of cost reductions
2008 07 14 WaMu Leads Steepest-Ever Decline in Bank Stock Index
2008 07 15 Washington Mutual Drop Wipes Out Most of TPG Holding
2008 07 17 J.P. Morgan Chase’s profit off 53%, tops target
2008 07 17 JPMorgan Profit Falls 53% Amid Higher Charges
2008 07 22 WaMu Has $3.3 Billion Quarterly Loss on Delinquencies
2008 07 24 WaMu Slumps as Gimme Credit Cites Liquidity Concern
2008 08 12 JP Morgan Takes $1.5 Billion Mortgage-Backed Hit in July
2008 08 20 JPMorgan Warned California as Auction Market Neared Collapse
2008 09 08 WaMu’s New Chief Prepares To Dive In Amid Skepticism
2008 09 09 Counterparty credit risks climb on Lehman, WaMu
2008 09 16 WaMu Falls as S&P Cuts Lender’s Credit Rating to Junk
2008 09 24 WaMu Cut Again by S&P as Pressure Rises to Reach Deal
2008 09 24 Fitch: Partial Sale Increasingly Likely for WaMu; IDR Downgraded to ‘B-‘
2008 09 25 WaMu Seized by U.S., Assets Sold to JPMorgan in Record Failure
2008 09 25 WaMu’s 42-Story Seattle Headquarters Acquired in JPMorgan Deal
2008 10 16 JPMorgan to grant WaMu access to $4.4 billion in funds
2008 04 22 SunTrust Profit Falls 45% on Provisions for Bad Loans
2008 07 22 SunTrust Profit Declines as Borrowers Fall Behind
2008 10 23 SunTrust Net Income Falls 26% on Higher Loan Losses
2008 07 15 U.S. Bancorp Profit Falls on Higher Credit Losses
2001 04 17 THE MARKETS: Market Place; First Union Pursues Wachovia, Making Offer of $13.1 Billion
2006 05 07 Paper: Wachovia nears $26B takeover of Golden West
2006 05 08 Wachovia acquires Golden West Financial
2007 10 20 Wachovia Profit Declines 10%; Job Cuts Ahead
2007 11 09 Wachovia reveals more debt losses
2008 01 23 Wachovia’s Big-City Splash Has a Sobering Aftermath
2008 04 14 Wachovia’s Loss a Grim Sign for Banks
2008 05 20 Wachovia, Fifth Third Face Losses Tied to Hedge Funds
2008 06 02 Wachovia Ousts Thompson on Writedowns, Share Plunge
2008 07 10 Wachovia’s Capital `Solid’ After Quarterly Loss, Smith Says
2008 07 15 Meredith Whitney Cuts Wachovia on `Bleak’ Prospects
2008 07 22 Wachovia Has Record $8.9 Billion Loss, Cuts Dividend
2008 07 22 Wachovia ends wholesale mortgages
2008 07 25 Wachovia’s Finance Chief Resigns
2008 08 12 Wachovia Increases Second-Quarter Loss
2008 08 20 Wachovia Unloads Troubled Loans
2008 09 29 Citigroup Acquires Most of Wachovia; “Not a Failure,” FDIC Says
2008 10 03 Wells bids $15 billion for Wachovia; scuffles with Citi
2008 10 05 The Citi Restraining Order and Supporting Motion
2008 10 22 Wachovia reports $23.9 billion loss
2006 02 16 Washington Mutual to Cut 2,500 Jobs
2007 09 12 Washington Mutual, First Horizon Cut Jobs From Mortgage Units
2007 12 11 Washington Mutual Cutting Dividend and Jobs
2008 01 18 Write-Down Contributes to Profit Fall at Trust Bank
2008 04 08 Washington Mutual Raising $7 Billion
2008 04 09 WaMu’s Hedge: CEO Called In Dimon & Co.
2008 04 15 A Loss and a Shake-up at Washington Mutual
2008 06 02 Washington Mutual’s Killinger Steps Down as Chairman
2008 06 09 Washington Mutual Falls on $22 Billion Loss Estimate
2008 06 19 WaMu cuts 1,200 more jobs as part of cost reductions
2008 07 14 WaMu Leads Steepest-Ever Decline in Bank Stock Index
2008 07 15 Washington Mutual Drop Wipes Out Most of TPG Holding
2008 07 22 WaMu Has $3.3 Billion Quarterly Loss on Delinquencies
2008 07 24 WaMu Slumps as Gimme Credit Cites Liquidity Concern
2008 09 08 WaMu’s New Chief Prepares To Dive In Amid Skepticism
2008 09 09 Counterparty credit risks climb on Lehman, WaMu
2008 09 16 WaMu Falls as S&P Cuts Lender’s Credit Rating to Junk
2008 09 24 WaMu Cut Again by S&P as Pressure Rises to Reach Deal
2008 09 24 Fitch: Partial Sale Increasingly Likely for WaMu; IDR Downgraded to ‘B-‘
2008 09 25 WaMu Seized by U.S., Assets Sold to JPMorgan in Record Failure
2008 09 25 WaMu’s 42-Story Seattle Headquarters Acquired in JPMorgan Deal
2007 07 27 Wells Fargo to Limit Subprime Lending
2007 11 28 Bracing for Home Loan Losses, Wells Fargo to Take Big Charge
2008 01 08 Baltimore Is Suing Bank Over Foreclosure Crisis
2008 04 16 Wells Fargo Beats, But Loan Worries Persist
2008 07 16 Wells Fargo Profit Exceeds Estimates; Shares Jump
2008 09 15 Wells Fargo takes Lehman Related Charge
2008 10 03 Wells bids $15 billion for Wachovia; scuffles with Citi
2008 10 05 The Citi Restraining Order and Supporting Motion
2008 10 15 Wells Fargo’s Net Earnings Down 25 Percent for Q3: Report
2008 10 22 Wachovia reports $23.9 billion loss
2008 01 16 Regional U.S. Banks May Report Record Drop in Profit
2008 07 15 Regional Banks Take It on the Chin As Fallout Spreads
2008 07 15 National City, Regional Banks Plunge After IndyMac’s Failure
2008 09 16 Wells Fargo Takes Another Hit
2008 07 22 BankAtlantic Sues Analyst for Defamation
2008 09 08 BankUnited Sees Regulatory Capital Status Downgraded
2008 07 08 Columbia Bancorp Warns of Q2 Loss on Souring C&D Outlook
2008 01 17 First Horizon, Comerica Lead Regional Banks Lower
2008 04 22 Fifth Third Beats Consensus
2008 05 20 Wachovia, Fifth Third Face Losses Tied to Hedge Funds
2008 06 13 Fifth Third plunges 11% on analyst cut
2008 06 18 Fifth Third Falls on Plan to Raise $2 Billion, Cut Dividend
2008 07 22 Fifth Third Reports $202 Million Loss on Higher Loan Defaults
2008 10 21 Fifth Third Posts Loss on Fannie Mae, Freddie Mac
2008 10 21 National City, Fifth Third, KeyCorp Report Losses
2007 09 12 Washington Mutual, First Horizon Cut Jobs From Mortgage Units
2008 01 17 First Horizon, Comerica Lead Regional Banks Lower
2008 07 15 First Horizon Says Jordan to Replace Baker as Chief
2008 07 15 First Horizon reports quarterly net loss
2008 09 11 Gateway Bank to take writedown on Fannie, Freddie shares
2007 11 16 Huntington Falls on Forecast of Fourth-Quarter Loss
2008 06 03 Huntington Bancshares Sells $975 Million in Auto-Loan Debt
2008 06 19 Huntington Expects Bad Loans at High End of Forecast
2008 06 20 Huntington Surges on Promise to Corral Bad Loans
2008 07 17 Huntington shares gain in wake of results
2008 08 18 Huntington shares slide after client warns of loss
2008 05 28 KeyCorp Slide Foretells Losses at `Delusional’ Banks
2008 06 12 KeyCorp to raise $1.5 billion, cut dividend 50%
2008 07 22 KeyCorp Posts First Loss Since 2001 After Tax Case
2008 10 21 National City, Fifth Third, KeyCorp Report Losses
2008 07 14 M&T Bank Falls After Second-Quarter Profit Slumps 25%
2008 07 03 Marshall & Ilsley Announces 2008 Q2 Provision of up to $900 Million
2008 07 16 Marshall & Ilsley posts second-quarter loss of $394 million
2008 01 02 National City to Trim Dividend by 49%, Cut 900 Jobs
2008 04 21 Funds to invest up to $8bn in National City bank
2008 06 06 National City Is Under U.S. Scrutiny
2008 07 14 National City says not experiencing unusual activity
2008 07 25 National City Posts $1.76 Billion Loss
2008 10 03 Fitch lowers National City’s debt ratings
2008 10 21 National City has big loss, to cut 4,000 jobs
2008 10 21 National City, Fifth Third, KeyCorp Report Losses
2008 10 28 Provident sees $5.4 million loss over portfolio devaluation
2008 07 22 Regions Cuts Dividend as Profit Falls on Missed Loans
2008 10 13 Spain’s Santander Buys Sovereign for $1.9 Billion
2008 06 17 Zions falls the most in six years on expected rise in bad loans
2008 08 13 Zions lead financials lower at open
2007 08 14 Goldman and Investors to Put $3 Billion Into Fund
2007 11 19 Goldman Sachs Rakes In Profit in Credit Crisis
2008 06 23 Citigroup and Goldman Sachs cut more staff as effect of credit crunch lingers
2008 09 16 Goldman Sachs net plunges
2008 09 21 As Goldman and Morgan Shift, a Wall St. Era Ends
2008 10 03 Goldman Hit With Auction-Rate Securities Suit
2008 05 06 Legg Mason Posts First Loss
2008 10 29 Legg Mason Beats Estimates, Rises Most in 25 Years
2007 12 13 Lehman earnings fall amid $830 million writedown
2007 01 17 Lehman to cut 1,300 mortgage jobs
2008 03 18 US bank profits more than halved
2008 04 29 Lehman Plans EU1.1 Billion CLO to Cut Buyout Loans
2008 06 02 Morgan Stanley, Merrill, Lehman Ratings Cut by S&P
2008 06 03 Lehman May Need to Raise Capital as Analysts See Loss
2008 06 03 Living without the Bear buffer
2008 06 03 Losses Push Lehman To Weigh Raising New Capital
2008 06 03 Lehman Denies Fed Borrowing, Says Cash Holdings Rose
2008 06 09 Lehman Brothers to post $3 bln loss; sets $6 bln stock sale
2008 06 09 Lehman to post $2.8 billion quarterly loss
2008 06 09 Lehman Cuts $130 Billion of Assets to End Bear Stigma
2008 08 20 Possible Lehman asset management sale portends pain – Reuters
2008 08 20 Lehman’s secret talks to sell 50% stake stall
2008 08 21 Fed Acted on Lehman Rumor
2008 09 09 Counterparty credit risks climb on Lehman, WaMu
2008 09 09 KDB’s Attempt to Invest In Lehman Appears Over
2008 09 10 Lehman Sees $3.9 Billion Loss and Plans to Shed Assets
2008 09 10 Lehman to Sell Neuberger Stake, Spin Off Real Estate
2008 09 15 Lehman Files Biggest Bankruptcy After Suitors Balk
2008 09 22 Nomura buys Lehman Brothers Asia units
2008 09 23 Nomura Acquires 2 More Lehman Units
2007 09 15 Profit Warning by Merrill
2007 10 04 2 Executives Are Ousted at Merrill
2007 10 05 Merrill in $5.5bn sub-prime loss
2007 10 06 A Big Loss at Merrill Stirs Unease
2007 10 24 Merrill Lynch Reports Loss on $8.4 Billion Writedown
2007 10 30 Merrill Lynch chief leaves firm
2007 11 20 Merrill Lynch Ousts Asian Fixed-Income Co-Head Roy
2007 12 24 Merrill Lynch to Get $6.2 Billion From Temasek, Davis
2008 01 15 Citi Writes Down $18 Billion; Merrill Gets Infusion
2008 01 18 Merrill Posts Huge Loss; Chief Says Firm’s Capital Is Adequate
2008 04 17 Merrill Lynch posts steep first-quarter loss on write-downs
2008 04 17 Merrill Lynch set to cut 10% of its worldwide workforce
2008 04 22 Merrill Raises $9.55 Billion in Sales of Debt, Preferred Shares
2008 06 02 Morgan Stanley, Merrill, Lehman Ratings Cut by S&P
2008 06 09 Citigroup, Merrill, UBS Face Further Writedowns, Whitney Says
2008 06 11 Banks face $10bn monolines charges
2008 07 17 Merrill reports $4.65 billion quarterly net loss
2008 07 17 Merrill Lynch hit by $9.4bn writedown
2008 07 28 Merrill Has $5.7 Billion of Writedowns, Sells Shares
2008 07 31 Merrill Defrauded Auction-Rate Investors, State Says
2008 09 15 Bank of America to Acquire Merrill as Crisis Deepens
2008 10 16 Merrill Lynch Posts $5.2 Billion Loss
2008 10 16 Bank of America’s Merrill Deal Is Approved by F.T.C.
2007 11 08 Morgan Stanley takes $3.7bn hit
2007 11 30 Morgan Stanley Executive Ousted After Trading Loss
2007 12 19 Morgan Stanley takes $9.4bn hit
2008 05 06 Morgan Stanley to Cut 5% of Staff
2008 05 15 Morgan Stanley aims to axe 350 London jobs
2008 06 02 Morgan Stanley, Merrill, Lehman Ratings Cut by S&P
2008 06 18 Morgan Stanley Profit Drops on Debt Losses, Trading
2008 08 06 Morgan Stanley Said to Freeze Home-Equity Credit Withdrawals
2008 08 08 Morgan Stanley to Pay $1.5 Million in Auction-Rate Settlement
2008 09 16 Morgan Stanley profit falls 3 percent
2008 09 21 As Goldman and Morgan Shift, a Wall St. Era Ends
2008 09 23 Japan’s biggest bank to buy 20% stake in Morgan Stanley
2007 03 29 California Investigates Subprime Mortgage Industry
2007 05 30 Subprime Fiasco Exposes Manipulation by Mortgage Brokerages
2007 08 23 Toll of Lenders Tops 100: Subprime Scorecard
2008 06 05 Frank-Dodd Rescue Prolongs Housing Crisis by Deferring Defaults
2007 03 13 Accredited Shares Fall, New Century Trading Suspended
2007 06 04 Accredited Agrees to $400 Million Buyout by Lone Star
2007 07 31 American Home Can’t Fund Mortgages, Shares Plummet
2007 08 02 Accredited May Face Bankruptcy, Merger in Doubt
2007 08 13 Accredited Shares Fall After Lone Star Backs Away
2007 08 22 Accredited Home Fires 1,600, Shuts Most Operations
2007 08 31 Lone Star Cuts Offer for Accredited to $214 Million
2007 09 18 Accredited Accepts Lone Star’s $296 Million Offer, Halts Suit
2007 07 31 American Home Can’t Fund Mortgages, Shares Plummet
2007 08 06 US lender on brink of bankruptcy
2007 08 07 American Home Mortgage’s new chapter opens in bankruptcy court
2008 08 19 American Home to pay fraction of bankruptcy claims
2004 02 17 North Fork to Acquire GreenPoint Financial for $6.3 Billion
2006 03 17 North Fork Deal Caps an Investment Bank’s Comeback
2007 08 20 Capital One Shuts Down GreenPoint Mortgage Unit
2007 08 21 Capital One Financial to Quit Residential Mortgage Business
2007 08 21 Sub-prime fallout weighs on firms
2008 07 18 Capital One Falls After Profit Misses Estimates on Defaults
2007 12 04 US mortgage giant in share issue
2008 05 06 Fannie Mae loses $2.2-billion
2008 05 06 Fannie Mae to raise $6bn new capital
2008 07 07 Freddie Mac, Fannie Mae Plunge on Capital Concerns
2008 07 09 Fannie Mae Pays Record Spreads on Two-Year Note Sale
2008 07 10 U.S. Mulls Future of Fannie, Freddie
2008 07 15 Scramble Led to Rescue Plan on Mortgages
2008 08 04 Fannie’s Mudd Soothed Asian Investors as Bonds Rose
2008 08 08 Fannie Mae Posts Fourth Straight Loss, Cuts Dividend
2008 08 15 Fannie, Freddie debt faces confidence crisis overseas
2008 08 20 Fannie Mae and Freddie Mac shares fall on fears of size of potential losses
2008 08 20 Fed’s Lacker Clashes With Paulson on Fannie-Freddie Strategy
2008 09 07 Paulson Engineers U.S. Takeover of Fannie, Freddie
2008 09 08 Fannie, Freddie Credit-Default Swaps May Be Settled
2008 09 10 Fannie to Pay Third-Quarter Preferred Stock Dividends
2007 11 20 Freddie Mac in $6bn share issue
2007 11 21 Freddie Mac, a Buffer Against Crisis, Posts $2 Billion Loss
2008 02 29 Freddie Mac Reports $2.5 Billion Loss: Panel to Assess Management
2008 07 07 Freddie Mac, Fannie Mae Plunge on Capital Concerns
2008 07 09 Freddie Mac Dips Below $10 a Share for First Time Since 1992
2008 07 10 U.S. Mulls Future of Fannie, Freddie
2008 07 15 Scramble Led to Rescue Plan on Mortgages
2008 08 06 Freddie Mac Posts Fourth Straight Loss, Cuts Dividend
2008 08 15 Fannie, Freddie debt faces confidence crisis overseas
2008 08 20 Fannie Mae and Freddie Mac shares fall on fears of size of potential losses
2008 08 20 Fed’s Lacker Clashes With Paulson on Fannie-Freddie Strategy
2008 09 07 Paulson Engineers U.S. Takeover of Fannie, Freddie
2008 09 08 Fannie, Freddie Credit-Default Swaps May Be Settled
2007 02 28 Fremont General Shares Plummet on Delay in Filing
2007 03 05 Fremont General Puts Some Mortgage Staff on Leave
2007 03 19 Fremont General Gives Mortgage Staff Two-Month Dismissal Notice
2007 05 22 Fremont Sells Lending Unit, Replaces Top Managers
2007 09 26 Fremont Says Ford Isn’t Prepared to Complete Purchase
2008 03 21 Fremont Sale Clears Out $4 Billion of Subprime Loans
2008 03 28 Fremont Ordered by FDIC to Find Buyer; Curbs Imposed
2008 05 09 Fremont May Go Bankrupt If Asset Sale Plan Falters
2007 03 09 General Electric’s WMC Mortgage Cuts Subprime Jobs
2007 04 19 GMAC, GE Will Cut 1,400 Job Cuts on Subprime Decline
2007 07 13 GE Will Seek Buyer for Subprime Unit After Defaults
2007 04 19 GMAC, GE Will Cut 1,400 Job Cuts on Subprime Decline
2007 05 03 Sub-prime mortgage crisis hits GM
2007 11 01 GMAC, Radian Post Losses as U.S. Home Slump Deepens
2008 02 05 Sub-prime crisis hurts US lender
2008 04 29 GMAC Posts $589 Million Loss on Home Lending Woes
2008 05 08 GMAC Outlines Asset Sales to Aid Residential Capital
2008 06 03 ResCap Default Swaps Rise on Cerberus, GMAC Infusion
2008 07 31 GMAC Reports $2.5 Billion Loss on Auto, Housing Slump
2007 08 22 H&R Block Taps Credit Line, Cites `Unstable’ Markets
2007 11 20 H&R Block’s Mark Ernst Quits, Breeden Named Chairman of Board
2007 07 31 IndyMac’s Net Falls 57 Percent as Defaults Surge
2007 11 06 IndyMac Reports $202.7 Million Loss on Late Payments
2008 02 12 IndyMac Posts Record Loss, Calls Reserves Adequate
2008 04 09 IndyMac Sells First Non-Agency Bonds in Two Months
2008 05 12 IndyMac Reports Loss, Doesn’t See Profit in 2008
2007 06 13 IndyMac Sued Over Investor Claims It Hid Loan Losses
2008 06 30 IndyMac to Trim Operations, Not Shut Down, Perry Says
2008 07 01 IndyMac Chief Financial Officer A. Scott Keys Resigns
2008 07 07 IndyMac Cuts Half its Staff as Mortgage Losses Mount
2008 07 08 IndyMac Falls After Regulators Say It Isn’t `Well Capitalized’
2008 07 11 IndyMac Bancorp Is Seized By Federal Regulators
2008 07 11 IndyMac Seized by U.S. Regulators Amid Cash Crunch
2008 07 29 IndyMac: The Downfall of a California Dreamer
2008 08 20 FDIC Releases Details on IndyMac Loan Mods; Questions Remain
2008 08 20 California mulls probing senator over IndyMac crash
2007 05 30 Kensington agrees to £283m buyout
2007 02 08 Home Lenders Plunge as More Subprime Mortgages Sour
2007 03 05 New Century Leads Drop in Shares of Mortgage Lenders
2007 03 12 New Century shares are suspended
2007 04 02 Top US lender in Chapter 11 move
2007 02 21 NovaStar Sheds One-Third of Value After Posting Loss
2007 04 05 NovaStar Cuts Off Credit Lines for Mortgage Bankers
2007 09 04 NovaStar Auditor Raises Doubt About Lender’s Survival
2007 09 17 NovaStar Can’t Pay Dividend, Forfeits REIT Status
2007 10 16 Morgan Stanley Buys NovaStar Rights for $175 Million
2007 12 18 Fitch Affirms $938.68MM & Downgrades $41.25MM from 1 Novastar 2005 Subprime Deal
2008 01 11 NYSE To Suspend, Apply to Delist, NovaStar Financial
2007 12 19 Ambac, MBIA Outlook Lowered by S&P, ACA Cut to CCC
2008 05 09 AIG off 9% on record loss, plan to raise $12.5 billion
2008 05 19 AIG to raise roughly $20 billion in capital
2008 05 23 Moody’s Cuts AIG Rating
2008 06 06 SEC reportedly probing AIG’s swaps
2006 06 16 AIG Ousts Sullivan, Taps Willumstad As Losses Mount
2008 06 27 AIG Poised to Absorb $5 Billion Losses From Securities-Lending
2008 08 06 A.I.G. Posts a Large Loss as Housing Troubles Persist
2008 09 15 AIG’s Ratings Cut by S&P, Moody’s, Threatening Fund Raising
2008 09 16 Fed to lend $85 billion to AIG, take 80 percent stake
2008 09 24 AIG slumps after signing up for $85 billion Fed loan
2008 09 26 Greenberg Sells 40 Million AIG Shares, Cutting Stake in Insurer
2007 12 19 Ambac, MBIA Outlook Lowered by S&P, ACA Cut to CCC
2008 01 16 Ambac Will Cut Dividend, Raise $1 Billion in Capital
2008 01 19 Ambac’s Insurance Unit Cut to AA From AAA by Fitch Ratings
2008 01 22 Ambac Reports Loss, Talks With `Potential Parties’
2008 02 25 Ambac Rises on $3 Billion Rescue to Avert Downgrade
2008 03 06 Ambac to Sell Half the Company; Bet May Not Pay Off
2008 03 07 Ambac Gets $1.5 Billion in Capital to Keep AAA Grade
2008 04 23 Ambac swings to 1Q loss as it takes $3.06 billion in charges
2008 04 30 Banks to aid Ambac with up to $3bn (Paid site $)
2008 05 28 Ambac shares hit record low after new disclosure
2008 06 05 MBIA, Ambac, $1 Trillion of Debt, Lose S&P AAA Rating
2008 06 09 Citigroup, Merrill, UBS Face Further Writedowns, Whitney Says
2008 06 11 Banks face $10bn monolines charges
2008 06 18 Ambac Financial to Terminate Its Contract With Fitch Ratings
2008 07 07 Ambac hopeful on Connie Lee capitalization
2008 08 06 Ambac Posts $823 Million Net Income; CDO Losses Rise
2008 07 22 American Express Declines as Earnings Fall Short of Estimates
2007 12 10 MBIA Gets $1 Billion From Warburg Pincus, Sees Losses
2007 12 19 Ambac, MBIA Outlook Lowered by S&P, ACA Cut to CCC
2008 01 31 MBIA Posts Biggest Loss, Considers New Capital Plans
2008 02 07 MBIA to Sell $750 Million of Stock to Avert Downgrade
2008 02 19 MBIA Former Chief Returns as Credit Rating Cut Looms
2008 04 04 MBIA Loses AAA Insurer Rating From Fitch Over Capital
2008 06 05 MBIA, Ambac, $1 Trillion of Debt, Lose S&P AAA Rating
2008 06 09 Citigroup, Merrill, UBS Face Further Writedowns, Whitney Says
2008 06 11 Banks face $10bn monolines charges
2008 08 08 MBIA reports surprise profit of $1.7 billion
2008 06 05 MGIC, PMI Downgraded by Fitch on Poor Underwriting
2008 06 20 Freddie Mac Says MGIC, Radian Insurance Acceptable
2008 06 20 Freddie Mac Says MGIC, Radian Insurance Acceptable
2007 08 07 MGIC may call off merger deal
2007 11 01 GMAC, Radian Post Losses as U.S. Home Slump Deepens
2008 06 20 Freddie Mac Says MGIC, Radian Insurance Acceptable
2008 07 07 Radian shares surge more than 50%
2008 06 19 Triad Will Stop Insuring Mortgages as Talks Collapse
2008 06 24 Triad Guaranty’s Dismissal of Employees to Cost $7.5 Million
2008 06 24 Triad Chief Seeks AA-Rated Investor to Fund Venture
2008 05 15 Blackstone Posts $251 Million Loss
2008 03 11 Carlyle Fund Tries to Halt Liquidation
2008 03 14 Boss rues collapse of hedge fund
2008 07 31 Carlyle to Shutter Blue Wave Hedge Fund After Losses
2008 05 14 Alliance & Leicester shares fall on write-downs
2008 07 06 Alliance and Leicester aims to save £80m on dividend
2008 07 14 Santander’s takeover of Alliance & Leicester spells shake-up of high street banks
2008 07 14 Alliance & Leicester takeover angers unions and shareholders
2008 08 01 Credit crunch leaves Alliance & Leicester’s profits in tatters
2007 04 29 Battle of the banks
2007 08 21 Bank of England Lent Money at Emergency Rate
2007 11 15 Barclays reveals sub-prime losses
2008 05 02 Barclays May Raise 3 Billion Pounds, Dresdner Says
2008 05 15 Barclays reports a $1.94-billion writedown
2008 07 18 Barclays Investors Buy 19% of Shares on Sale in Offer
2008 07 18 Barclays and HBOS cash calls shunned
2008 08 07 Barclays’ profits drop a third
2008 02 13 Bradford & Bingley profits slide
2008 04 13 Bank denies cash-raising reports
2008 05 15 Big investors pan Bradford & Bingley for £300m rights issue
2008 06 02 Bradford & Bingley shares plunge as lender warns and TPG takes stake
2008 07 04 Bradford & Bingley Investors on the Hook as TPG Walks
2008 07 07 Regulator watching troubled UK bank
2008 07 07 Bradford & Bingley May Seek Guarantor for $14 Billion of Bonds
2008 07 09 Bradford & Bingley Advances on Takeover Speculation
2008 07 18 B&B Shareholders Approve Rights Issue
2008 08 18 Bradford & Bingley shareholders shun £400m cash call
2008 09 29 B&B nationalisation is confirmed
2001 05 04 BoS and Halifax agree merger
2007 08 21 HBOS forced to tap balance sheet in illiquid markets
2007 12 14 HBOS shares slide on credit write-downs
2008 04 29 HBOS Plans to Raise 4 Billion Pounds in Share Sale
2008 04 30 HBOS dividend cut highlights need for reform
2008 06 19 HBOS writes off £1bn and warns on house prices
2008 07 18 Barclays and HBOS cash calls shunned
2008 07 31 HBOS Gains After First-Half Earnings Exceed Estimates
2008 09 18 Lloyds TSB seals £12.2bn HBOS deal
2008 10 13 RBS, HBOS and Lloyds to get $64 billion from U.K.
2002 11 14 HSBC pays £9bn for credit card group
2007 02 08 U.S. loan problems shake HSBC
2007 02 08 HSBC’s Bad Home Loans Heighten Perceived Risk of Corporate Debt
2007 02 22 HSBC announces departure of two top executives at U.S. business
2007 03 04 US triggers $11bn HSBC fall-out
2007 09 21 HSBC to Close U.S. Subprime Mortgage Unit, Cut Jobs
2007 09 25 HSBC’s Closes Decision One: Just the Tip of Its Subprime Iceberg
2007 11 12 HSBC expected to write down an extra $1bn
2008 03 03 HSBC in $17bn credit crisis loss
2008 03 03 HSBC hints at asset sales as writedowns mount
2008 08 04 HSBC’s profits drop as economies slows
2001 05 04 BoS and Halifax agree merger
2007 12 10 Lloyds TSB in £200m sub-prime hit
2008 02 22 Lloyds TSB shines through credit crunch chaos
2008 05 06 Lloyds TSB bullish despite £387m writedown
2008 09 18 Lloyds TSB seals £12.2bn HBOS deal
2008 10 13 RBS, HBOS and Lloyds to get $64 billion from U.K.
2007 09 14 Northern Rock Gets Emergency Bank of England Funding
2007 09 15 Credit Crisis Hits Lender In Britain
2007 09 17 Government guarantees Northern Rock deposits
2007 09 23 Ten days that shook the City
2007 10 10 Northern Rock deposits to be guaranteed by British government
2008 02 17 Northern Rock Nationalized as U.K. Rejects Virgin Bid
2008 05 13 Rock’s mortgage arrears increase
2008 05 21 Northern Rock billions ‘at risk in a downturn’
2008 07 30 Northern Rock unveils job losses
2008 08 06 Northern Rock losses hit almost £600m
2008 10 13 RBS, HBOS and Lloyds to get $64 billion from U.K.
2008 08 08 RBS slumps to loss after £5.9bn writedown
2008 04 22 RBS aims to raise $24B in new capital
2008 04 17 RBS expected to ask investors for cash
2008 02 28 RBS profits rise 9 per cent despite £2.5 billion writedown
2007 12 07 RBS says it knew risk as it reveals £1.5bn of write-offs
2007 12 06 RBS in £1.25bn credit crunch hit
2007 04 29 Battle of the banks
2000 02 11 NatWest merger’s mixed fortunes
2000 02 10 NatWest takeover: a chronology
1999 09 24 NatWest rejects takeover bid
1999 09 03 NatWest pounces on L&G with £11bn takeover bid
2008 08 26 Housing slump hits BMO’s bottom line
2008 01 07 CIBC Ousts Two Executives Amid Write-Downs
2008 05 29 Royal Bank, National Profits Decline; CIBC Posts Loss
2008 05 30 CIBC losses hit $6.7 billion
2008 07 23 CIBC sued over subprime investments
2008 08 27 CIBC profit squeezed by $885-million credit hit
2008 10 03 CIBC gets $1-billion cash injection from Cerberus
2008 10 13 Manulife Discloses C$250 Million of Credit Losses
2008 05 29 Royal Bank, National Profits Decline; CIBC Posts Loss
2008 08 28 National Bank profit rises
2008 04 28 Royal Bank May Take C$4.2 Billion in Writedowns
2008 05 14 Royal Bank taking $855M hit on writedowns
2008 05 29 Royal Bank of Canada Profit Drops on Writedowns
2008 05 29 Royal Bank, National Profits Decline; CIBC Posts Loss
2008 08 28 U.S. operations bite into Royal Bank’s profit
2008 08 26 Scotiabank earnings slip 2%
Sun Life
2008 10 21 Sun Life posts Q3 loss of $396M
Toronto-Dominion Bank
2008 08 28 TD’s profit drops, but bank hikes dividend
2008 04 29 Allianz Quarterly Net Falls 66% After Bank Writedowns
2008 05 09 Allianz Profit Falls on EU513 Million Dresdner Loss
2008 08 06 Allianz Posts Lower Earnings, Cuts Growth Forecast
(incl Dresdner)
2008 02 14 Writedown clouds Commerzbank gain
2008 09 01 Commerzbank buys ailing Dresdner
2008 09 02 Price of Dresdner Deal Worries Commerzbank Investors
2008 09 03 What Now For Dresdner Kleinwort?
2007 10 03 Less Harm Than Feared At Largest German Bank
2008 02 08 Deutsche Bank Escaped Subprime Loan Losses
2008 04 01 Deutsche Bank to write down $4B
2008 04 29 Deutsche Bank Says It Had First Loss in Five Years
2008 07 31 Deutsche writes down 2.7bn euros
2008 04 22 Duesseldorfer Hypo Rescued by Bank Group After Crisis
2008 07 25 Hannover Re Drops Most Since 2001 After Saying Goals Difficult
2008 10 21 Hannover Re Abandons Profit Target After Writedowns
HSH Nordbanken
2007 08 23 HSH Has EU1.8 Billion Invested in Subprime-Related Securities
2008 02 26 HSH Nordbank Sues UBS in New York to Recoup Subprime Losses
2008 03 10 HSH Profit Declines on Subprime; Bank Postpones IPO
2008 05 20 HSH Nordbank Says Its Owners Back Plan for Capital Increase
2008 06 20 HSH First-Quarter Profit Declines 79% on Writedowns
2008 09 08 HSH to Exit Operations, Cut Jobs After Profit Slumps
2008 09 24 HSH Nordbank Posts EU500 Million in Third-Quarter Writedowns
2008 09 29 Hypo Real Estate to Get EU35 Billion Bailout From State, Banks
2008 10 06 Hypo Real Gets EU50 Billion Government-Led Bailout
2008 10 29 HRE taps bailout fund for €15bn
2007 07 30 IKB Cuts Profit Forecast Amid Rout in U.S. Mortgages
2007 09 03 Sub-prime crisis to cost IKB $1bn
2007 11 27 KfW Almost Doubles Provisions on Possible IKB Losses
2008 02 17 IKB Will Ask Shareholders to Approve EU1.5 Billion Stock Sale
2008 02 18 IKB Bailout Cost Totals 8.5 Billion Euros, Handelsblatt Reports
2007 03 20 IKB Seeks Fourth Bailout After Subprime Loss Widens
2008 04 07 Head of German bank KfW resigns amid problems at IKB
2008 04 29 IKB Has $1.5 Billion First-Half Loss on Writedowns
2008 05 27 IKB Posts Nine-Month Loss; Sale Process as Planned
2008 07 03 IKB Reports 24 Million Euro Full-Year After-Tax Loss
2008 07 16 IKB’s Failed Rhinebridge SIV to Sell Assets Under Goldman Plan
2008 07 22 IKB in new sub-prime write downs
2008 08 21 Lone Star Funds to take over IKB
2008 07 25 Munich Re Drops Most Since 2003 on Asset Writedowns
2008 08 06 Munich Re Second-Quarter Profit Falls on Writedowns
2008 07 30 Postbank Second-Quarter Net Falls 21% on Writedowns
2007 08 21 SachsenLB Has EU3 Billion in Subprime, Person Says
2007 08 28 Sub-prime stricken Sachsen probed
2007 08 08 German Fund Stops Payouts, Citing Mortgage Market Unease
2008 01 21 WestLB expects billion euro loss
2008 04 02 Exposure to US market drops WestLB bank
2007 08 09 BNP Paribas Freezes Funds as Loan Losses Roil Markets
2008 08 04 BNP Paribas Dodges Bullet a Year After Freezing Funds
2008 10 05 BNP Paribas to Purchase Fortis’s Units in Belgium, Luxembourg
2008 03 05 Credit Agricole hit by sub-prime
2008 05 15 Credit Agricole to sell $7.72-billion in assets
2008 05 19 Crédit Agricole boosts risk controls after writedowns hit €3.3bn
2008 08 28 Agricole, Natixis earnings plunge on market turmoil
2008 08 28 C.Agricole Q2 profit plunges on Calyon loss
2008 10 27 Agricole brokerage arm takes pay cut
2008 08 28 Agricole, Natixis earnings plunge on market turmoil
2008 03 06 High-profile hedge fund collapses
2008 01 28 Scandal stings not just bank, but French pride, too
2008 04 17 Société Générale Chief to Step Aside
Australia
2008 07 28 ANZ hit by credit costs
2008 10 23 ANZ Bank’s Second-Half Profit Drops 35% on Provisions
2007 08 29 Basis Yield Files Bankruptcy Over Subprime Defaults
2008 07 25 NAB rating outlook revised to negative
2007 08 25 National Australia Bank tumbles on new $830m provision
2008 09 30 NAB to take $400m hit over CDO writedowns
2008 10 21 NAB full-year earnings drop 10.7% on bad debts
2008 10 28 Aegon gets €3bn in government capital
2007 04 29 Battle of the banks
2008 01 28 Fortis warns of sub-prime losses
2008 06 26 Fortis launches urgent €1.5bn cash call
2008 07 11 Fortis Ousts Chief Votron After ABN Amro Deal Depletes Capital
2008 08 04 Fortis Second-Quarter Net Drops 49% After Writedowns
2008 09 29 Fortis rescued but bank woes spread
2008 10 03 Dutch part of Fortis is nationalised
2008 05 14 ING’s Net Falls in ‘Challenging’ Market
2008 05 14 ING profits down on writedowns
2008 10 20 ING Gets $13.4 Billion Injection From the Netherlands
2008 10 21 ING Groep’s Senior Debt Rating Cut to Aa3 by Moody’s
2008 10 15 S&P says may cut KBC ratings on news of expected loss
2007 11 01 After Write-Down, Credit Suisse’s Profit Falls 31%
2007 11 14 Credit Suisse Asset Write-Down Values Holding Up
2007 11 23 In Reversal, Safe Is Risky, Risky Is Safe
2008 02 19 Credit Suisse Reveals $2.85 Bln Writedowns
2008 02 20 New $2.8 Billion Write-Down Jolts Credit Suisse
2008 04 14 Credit Suisse to face writedown of 3-5 billion Swiss francs
2008 04 24 Credit Suisse Q1 write-downs of $5.3B drives $2.1B loss
2008 06 19 UBS, Credit Suisse Face More Writedowns, Goldman Says
2008 07 06 Credit Suisse cuts cost of top team in Europe
2008 07 24 Credit Suisse Profit Falls 62%, Beating Estimates
2008 10 16 Swiss banks raise emergency funds to fight crisis
2008 10 23 Credit Suisse Posts Third-Quarter Loss on Writedowns
2008 08 05 Swiss Re Second-Quarter Net Falls 53% on Writedown
2008 09 25 Swiss Re Sees Further SF277 Million CDS Writedowns
2007 05 03 UBS to close its hedge fund arm
2007 10 01 Banks reveal US mortgage losses
2007 12 10 UBS posts fresh $10bn write-down
2008 01 31 In Europe, Questions Over Continuing Write-Down
2008 02 14 UBS confirms sub-prime loss woes
2008 04 01 UBS doubles sub-prime writedowns
2008 04 01 UBS writes down another $19 billion
2008 04 01 UBS Says Ospel Resigns After Writedowns Lead to Loss
2008 04 17 Crisis-hit UBS to axe 900 London bank jobs
2008 04 20 How a staid Swiss bank let ambitions lead it into folly
2008 04 30 HSH to sue UBS over subprime losses
2008 05 06 UBS to cut 5,500 jobs in subprime wake
2008 05 22 UBS prices $15.6 bln share sale at 31% discount
2008 05 22 UBS sells $22bn of securities to BlackRock
2008 05 26 UBS Falls After Saying More Mortgage Losses Possible
2008 06 09 Citigroup, Merrill, UBS Face Further Writedowns, Whitney Says
2008 06 11 Banks face $10bn monolines charges
2008 06 19 UBS, Credit Suisse Face More Writedowns, Goldman Says
2008 07 04 UBS Says It May Avoid Loss, Doesn’t Need More Capital
2008 07 05 UBS piles $7.5bn on to its write-down bill
2008 08 08 UBS is latest bank to settle auction-rate probe
2008 08 12 UBS Posts Loss on Debt Writedowns, Settlement Costs
2008 10 03 Swiss bank UBS to cut 2,000 jobs
2008 10 16 Swiss banks raise emergency funds to fight crisis
2008 10 28 Santander buoyed by robust retail business
2008 10 28 Danske Cuts Outlook After Net Slumps on Loan Losses
2008 09 22 Nomura buys Lehman Brothers Asia units
2008 09 23 Nomura Acquires 2 More Lehman Units
2008 10 28 Nomura on Course for Record Loss on Lehman, Iceland
2007 10 26 Japan’s Mizuho Securities posts loss on credit woes
2007 11 23 Japan’s subprime exposure hits $12bn
2008 02 13 Japan’s sub-prime losses double
2008 06 01 Japan firms post Y1.9 trillion in subprime losses
2008 07 01 Subprime Losses Hit Development Bank of Japan
2008 07 31 Mizuho’s Profit Advances 14% as Bad-Loan Costs Fall
2008 10 29 Sumitomo Mitsui First-Half Profit Falls on Bad Loans
2007 09 04 China reserves ‘not in sub-prime’
Italy
2008 10 30 Generali Profit Falls on Writedowns, Life Insurance