US banks Citigroup and Merrill Lynch reveal fresh $15bn loss
[Quote:]
Citigroup and Merrill Lynch will heap further pain on Wall Street this week as they reveal additional sub-prime write-downs totalling $15 billion or more.
In another sign of the intense pressure on leading banks, Deutsche Bank is attempting to offload some of its €35 billion of toxic debt to a consortium of private-equity firms.
Huge exposure to American mortgages is expected to result in Citi taking a $10 billion hit to its accounts, dragging the bank to a first-quarter loss of almost $3 billion. Some analysts believe Citi’s write-downs could stretch to as much as $12 billion.
April 14th, 2008 at 13:38
Which is the source of it?
April 14th, 2008 at 13:39
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article3671568.ece