This week, I can practically repeat what I said last week verbatim – so, I will.
Writedowns continued unabated despite the easing global credit markets. While we should see a bear market rally due to this easing, the ill effects of a global recession and new concerns in emerging markets and Asia will cause writedowns to mount for quite some time.
Below are the writedowns from the previous week. These links are compiled in my credit crisis timeline, which now includes government actions as well as financial institution events. (Note: I am still updating the financial institution index. So it is not all inclusive. See the full list of writedown news, if a specific large financial institution is missing in the index.)
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 4,000 jobs
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 NAB full-year earnings drop 10.7% on bad debts
2008 10 21 National City, Fifth Third, KeyCorp Report Losses
2008 10 21 ING Groep’s Senior Debt Rating Cut to Aa3 by Moody’s
2008 10 22 Wachovia reports $23.9 billion loss
2008 10 22 Netherlands EU200 Billion Bank Guarantee Will Last Through 2009
2008 10 23 ANZ Bank’s Second-Half Profit Drops 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 26% on Higher Loan Losses
2008 10 27 Agricole brokerage arm takes pay cut
2008 10 28 Bank of England estimates world credit loss at ‘£1.8 trillion’
2008 10 28 Iceland raises rates sharply, others poised to cut
2008 10 28 Aegon gets €3bn in government capital
2008 10 28 Santander buoyed by robust retail business
2008 10 28 EU approves German bail-out scheme
2008 10 28 Danske Cuts Outlook After Net Slumps on Loan Losses
2008 10 28 Nomura on Course for Record Loss on Lehman, Iceland