Archive for the ‘writedowns and distress’ Category

Credit Suisse – $94.5 B

Wednesday, February 11th, 2009

2009-02-11 Q4 Report: Credit Suisse sang the same refrain as UBS and others reporting for fiscal full year 2008, namely largest loss ever. For the fourth quarter Credit Sussie swung to net loss from a year-ago profit, hit by major trading losses and 3.19 billion Swiss francs ($2.75 billion) in write-downs ...

BNP Paribas – $10.4B

Wednesday, November 5th, 2008

2008-11-06 Bad Blow Up-Q3: BNP Paribas reported earnings that sagged 56 percent and would have stunk up the joint a year ago. Now they don't seem so bad because they were in the black. They reported $1.42B in write-downs, $2.56B in bad loan provisions and raised cash from the government to ...

Commerzbank – $32.1B

Monday, November 3rd, 2008

2008-11-03 Q3 Report: Commerzbank fell into the arms of a German government bailout. The bank took $1.43B in write-downs, and raised $30B from the German taxpayer. Despite the capital increase, the bank nevertheless increased its provision for loan losses. Here’s the tally thus far: Write-Downs/Charge-Offs: $150.25M + $1.43B = $1.58B Cash Raised: $29.9B Level III ...

Mizuho MFG – $5.5B

Monday, October 27th, 2008

2008-10-27 Done In: Mizuho Financial Group Inc. climbed to the top of the mountain in 2006, but has fallen hard in the credit crunch and now will need to raise capital to repair its subprime damaged balance sheet.  The bank now struggles with the weight of Merrill Lynch and the imploding ...

Mitsubishi Financial Group – $760M

Monday, October 27th, 2008

2008-10-27 Taking Medicine for Taking Morgan Stanley: After taking Morgan Stanley, the stomach ache has already forced Mitsubishi into the capital raising markets. It will be interesting to see if this is the only distress Morgan gives Mitsubishi UFJ Financial Group. <> 2008-10-13 Taking Morgan Stanley: Morgan Stanley reported abysmal earnings, but said it had confidence ...

CIBC – $10.7B

Wednesday, August 27th, 2008

2008-08-27 Q3: Canadian Imperial Bank of Commerce's third-quarter has ended mercifully. Amid the "we beat expectations" drumbeat from the financial media, CIBC disclosed a splendid 91 percent cliff dive in year-on-year profits. Among the damage was an $885M subprime-related write-down, as was an increase of $27M in loan-loss reserves, bringing the ...

Bank of Montreal – $1.2B

Tuesday, August 26th, 2008

2008-08-26 Q3: Bank of Montreal reported its third-quarter earnings today. Profits were down on an increase in the bank's loan loss reserves, and write-downs increased by $134M. Here’s the tally thus far: Write-Downs/Charge-Offs: $6.11M + $134M = $745M Tally for cash raised: $0.0 Current level of Level III assets at $5M Current level of ...

Deutsche Bank – $68.0B

Monday, August 25th, 2008

2008-08-02- Q4 : Deutsche Bank's third quarter accounting tricks and SEC short selling ban could not the ailing bank post a profit for the full fiscal year 2008. The distresseb bank wrote down  $9 billion (7.0 billion euros) vs $3 billion the year before (2.3 billion euro), with $6.8 billion (5.3 billion euros) ...

Societe Generale – $30.1B

Tuesday, August 5th, 2008

2008-08-05 Q2:     As Societe Generale reported a 63 percent plunge in profit, the financial press pretended to not notice how sick the bank really is. Simply being on life support doesn't make the patient healthy. The bank wrote down another $1.8B this quarter, bringing its total to $15.5B. Here’s the tally thus ...

HSBC Bank – $27.7B

Monday, August 4th, 2008

2008-08-05 - Hammered: HSBC reported second quarter results today, but there is a twist in the 10-Q. Instead of reporting the Level 3 numbers for them directly, we will sort through some of the folly for you. The principals come in as write-downs of $3.9B and no capital raised; however, $10.1B was ...