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Originally Posted by Gunni
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They absolutely have. Here are the losses and write-downs for just 5 institutions (so far):
UBS $37.7 billion
Citigroup $24.1 billion
Merrill Lynch $22.5 billion
HSBC $17.2 billion
Morgan Stanley $10.3 billion
Total write-downs currently in excess of $200 billion total with more certain to come. Bank and finance stocks have been slammed. Bank profits dropped 80% this year, the worst since 1991 crisis.
The problem is worldwide with large losses at French, German, UK, Swiss, French and Canadian banks.