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.

2 Responses to “US banks Citigroup and Merrill Lynch reveal fresh $15bn loss”

  1. Mario Says:

    Which is the source of it?

  2. John Sinteur Says:

    http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article3671568.ece


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