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Page 8 of 8
Besides Bear Stearns, how do the other leading banks fare in the aftermath? 1. Citigroup Inc Citigroup Inc posted a US$5.11 billion loss, less than analysts' most pessimistic estimates, and said it will cut 9,000 jobs - sending its shares up as much as 7% in New York trading. It reported almost US$16 billion of write-downs and increased bad loan reserves as customers fell behind on home, car and credit-card payments. Revenue fell 48% to US$13.2 billion The bank's write-downs and credit losses from the collapse of the sub-prime mortgage market now total almost US$40 billion, more than Zurich-based UBS AG and Merrill Lynch. Results included US$7.6 billion of write-downs and credit costs on mortgages and bonds, US$1.5 billion on leveraged buyout loans and US$1.5 billion on auction-rate securities. The bank wrote down the value of assets it absorbed last year from so-called structured investment vehicles by US$212 million. The company also marked down the value of bond insurance contracts by US$1.5 billion. Citigroup set aside about US$1.8 billion to increase reserves for bad consumer loans. 2. Credit Suisse Group & rival UBS The Credit Suisse Group, the Swiss banking giant, had to suffer a US$5.3 billion write-down in soured investments. It also reported a net loss of 2.15 billion Swiss francs, or (S$2.84 billion), in the first quarter, compared with net income of 2.8 billion francs a year earlier. Credit Suisse has written off about US$10 billion of bad investments since the start of 2007, well below that of its larger Swiss rival, UBS, which has reduced its assets by US$38 billion. Banks around the world have written down nearly US$300 billion on assets since the credit crisis began last summer with the collapse of the sub-prime mortgage market. 3. Merrill Lynch Merrill Lynch, the world's largest brokerage, would cut 2,900 jobs after more than US$6 billion fresh write-downs pushed it to a loss for the first quarter. The write-downs caused Merrill Lynch to lose US$2.14 billion compared to a profit of US$2.11 billion a year earlier. Analysts had predicted a loss of US$1.72 billion. Merrill dropped as much as 3.7% in New York trading and its stock has fallen 53% in the past 12 months. The 25 Most Sellable Projects in District 15
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