Bank Writedowns

Below is a list of bank writedowns and related credit crisis events detailed by each individual financial institution. It is the most comprehensive such list on the Internet.

This list doesn’t include rumor, speculation or negotiations, rather actual events in the financial services sector after they have occurred. The types of articles linked here that you should see are enumerated below.

  1. Writedowns of assets
  2. Capital raising
  3. Job cuts
  4. Bankruptcies
  5. Ratings changes
  6. Managerial changes
  7. Earnings reports
  8. Lawsuits
  9. Some significant stock price changes

Index

  1. Financial Institutions

Financial Institutions

List of bank mergers in the United States
United States’ Largest Banks

List of banks in the United Kingdom
List of building societies in the United Kingdom
Biggest Mortgage Lenders (for 2007)

U.S. Banks

2007 03 29 California Investigates Subprime Mortgage Industry
2007 05 30 Subprime Fiasco Exposes Manipulation by Mortgage Brokerages
2007 08 23 Toll of Lenders Tops 100: Subprime Scorecard
2008 01 16 Regional U.S. Banks May Report Record Drop in Profit
2008 06 05 Frank-Dodd Rescue Prolongs Housing Crisis by Deferring Defaults
2008 07 15 Regional Banks Take It on the Chin As Fallout Spreads
2008 07 15 National City, Regional Banks Plunge After IndyMac’s Failure
2008 09 16 Wells Fargo Takes Another Hit

ACA
2007 12 19 Ambac, MBIA Outlook Lowered by S&P, ACA Cut to CCC

Accredited Home Lenders
2007 03 13 Accredited Shares Fall, New Century Trading Suspended
2007 06 04 Accredited Agrees to $400 Million Buyout by Lone Star
2007 07 31 American Home Can’t Fund Mortgages, Shares Plummet
2007 08 02 Accredited May Face Bankruptcy, Merger in Doubt
2007 08 13 Accredited Shares Fall After Lone Star Backs Away
2007 08 22 Accredited Home Fires 1,600, Shuts Most Operations
2007 08 31 Lone Star Cuts Offer for Accredited to $214 Million
2007 09 18 Accredited Accepts Lone Star’s $296 Million Offer, Halts Suit

AIG
2008 05 09 AIG off 9% on record loss, plan to raise $12.5 billion
2008 05 19 AIG to raise roughly $20 billion in capital
2008 05 23 Moody’s Cuts AIG Rating
2008 06 06 SEC reportedly probing AIG’s swaps
2006 06 16 AIG Ousts Sullivan, Taps Willumstad As Losses Mount
2008 06 27 AIG Poised to Absorb $5 Billion Losses From Securities-Lending
2008 08 06 A.I.G. Posts a Large Loss as Housing Troubles Persist
2008 09 15 AIG’s Ratings Cut by S&P, Moody’s, Threatening Fund Raising
2008 09 16 Fed to lend $85 billion to AIG, take 80 percent stake
2008 09 24 AIG slumps after signing up for $85 billion Fed loan
2008 09 26 Greenberg Sells 40 Million AIG Shares, Cutting Stake in Insurer

Ambac
2007 12 19 Ambac, MBIA Outlook Lowered by S&P, ACA Cut to CCC
2008 01 16 Ambac Will Cut Dividend, Raise $1 Billion in Capital
2008 01 19 Ambac’s Insurance Unit Cut to AA From AAA by Fitch Ratings
2008 01 22 Ambac Reports Loss, Talks With `Potential Parties’
2008 02 25 Ambac Rises on $3 Billion Rescue to Avert Downgrade
2008 03 06 Ambac to Sell Half the Company; Bet May Not Pay Off
2008 03 07 Ambac Gets $1.5 Billion in Capital to Keep AAA Grade
2008 04 23 Ambac swings to 1Q loss as it takes $3.06 billion in charges
2008 04 30 Banks to aid Ambac with up to $3bn (Paid site $)
2008 05 28 Ambac shares hit record low after new disclosure
2008 06 05 MBIA, Ambac, $1 Trillion of Debt, Lose S&P AAA Rating
2008 06 09 Citigroup, Merrill, UBS Face Further Writedowns, Whitney Says
2008 06 11 Banks face $10bn monolines charges
2008 06 18 Ambac Financial to Terminate Its Contract With Fitch Ratings
2008 07 07 Ambac hopeful on Connie Lee capitalization
2008 08 06 Ambac Posts $823 Million Net Income; CDO Losses Rise
2008 11 05 MBIA, Ambac Losses Widen on Higher Claims Forecast

American Express
2008 11 12 AmEx Seeks $3.5 Billion From Government, Report Says
2008 11 10 American Express to Become Bank Holding Company
2008 07 22 American Express Declines as Earnings Fall Short of Estimates

American Home Mortgage
2007 07 31 American Home Can’t Fund Mortgages, Shares Plummet
2007 08 06 U.S. lender on brink of bankruptcy
2007 08 07 American Home Mortgage’s new chapter opens in bankruptcy court
2008 08 19 American Home to pay fraction of bankruptcy claims

Bank of America (incl. Countrywide Financial and Merrill Lynch)
2009 01 02 2 Big Bank Deals Are Completed
2008 10 16 Bank of America’s Merrill Deal Is Approved by F.T.C.
2008 10 16 Merrill Lynch Posts 5.2 Billion Loss
2008 10 06 Countrywide to Set Aside 8.4 Billion in Loan Aid
2008 10 06 BofA earnings tumble, cuts dividend
2008 09 15 Bank of America to Acquire Merrill as Crisis Deepens
2008 07 31 Merrill Defrauded Auction-Rate Investors, State Says
2008 07 28 Merrill Has 5.7 Billion of Writedowns, Sells Shares
2008 07 24 San Diego Sues Bank of America Over Foreclosures
2008 07 21 Earnings Fall 0.44 at Bank of America
2008 07 17 Merrill Lynch hit by $9.4bn writedown
2008 07 17 Merrill reports 4.65 billion quarterly net loss
2008 06 30 Florida Sues Countrywide
2008 06 25 Countrywide Sued by California Over Mortgage Loans
2008 06 25 Illinois Plans to Sue Countrywide, CEO
2008 06 25 Text of the California suit, (PDF)
2008 06 25 Countrywide Sued by California Over Mortgage Loans
2008 06 25 Bank of America’s Countrywide Tab Signed by Taxpayers
2008 06 25 Countrywide Financial Faces Illinois Suit Over Mortgage Loans
2008 06 25 Countrywide Financial Faces Illinois Suit Over Mortgage Loans
2008 06 18 ‘Friends of Angelo’ Get Good Loans
2008 06 18 Senate Panel to Review Conrad’s Countrywide Home Loans
2008 06 11 Banks face $10bn monolines charges
2008 06 09 Lehman Cuts 130 Billion of Assets to End Bear Stigma
2008 06 02 Morgan Stanley, Merrill, Lehman Ratings Cut by S&P
2008 05 06 You’ve Been Warned: Bank of America Eyeing Countrywide
2008 04 29 Countrywide Reports 893 Million Loss From Bad Loans
2008 04 22 Merrill Raises 9.55 Billion in Sales of Debt, Preferred Shares
2008 04 22 Merrill Raises 9.55 Billion in Sales of Debt, Preferred Shares
2008 04 21 Bank of America’s profit drops 77 percent in first quarter
2008 04 17 Merrill Lynch posts steep first-quarter loss on write-downs
2008 04 17 Merrill Lynch set to cut 0.1 of its worldwide workforce
2008 01 23 Bank of America Joins Parade of Mortgage-Related Losses
2008 01 18 Merrill Posts Huge Loss; Chief Says Firm’s Capital Is Adequate
2008 01 15 Citi Writes Down 18 Billion; Merrill Gets Infusion
2008 01 11 Bank of America buys Countrywide
2007 12 24 Merrill Lynch to Get 6.2 Billion From Temasek, Davis
2007 12 24 Merrill Lynch to Get 6.2 Billion From Temasek, Davis
2007 12 10 Bank of America to Liquidate 12 Billion Cash Fund
2007 11 20 Merrill Lynch Ousts Asian Fixed-Income Co-Head Roy
2007 11 13 Bank of America in sub-prime hit
2007 11 13 Bank of America Sees 3 Billion Write-Off, CFO Says
2007 10 30 Merrill Lynch chief leaves firm
2007 10 24 Merrill Lynch Reports Loss on 8.4 Billion Writedown
2007 10 06 A Big Loss at Merrill Stirs Unease
2007 10 05 Merrill in $5.5bn sub-prime loss
2007 10 04 2 Executives Are Ousted at Merrill
2007 09 15 Profit Warning by Merrill
2007 08 23 US mortgage firm gets $2bn boost
2007 08 16 Liquidity woes hit more lenders
2007 08 15 Countrywide Financial ‘risks bankruptcy’
2007 08 15 Top US lender ‘risks bankruptcy’
2007 07 24 Rising defaults hit top US lender

BankAtlantic
2008 07 22 BankAtlantic Sues Analyst for Defamation

BankUnited
2008 09 08 BankUnited Sees Regulatory Capital Status Downgraded

Blackstone
2008 05 15 Blackstone Posts $251 Million Loss

Capital One
2004 02 17 North Fork to Acquire GreenPoint Financial for $6.3 Billion
2006 03 17 North Fork Deal Caps an Investment Bank’s Comeback
2007 08 20 Capital One Shuts Down GreenPoint Mortgage Unit
2007 08 21 Capital One Financial to Quit Residential Mortgage Business
2007 08 21 Sub-prime fallout weighs on firms
2008 07 18 Capital One Falls After Profit Misses Estimates on Defaults

Carlyle
2008 03 11 Carlyle Fund Tries to Halt Liquidation
2008 03 14 Boss rues collapse of hedge fund
2008 07 31 Carlyle to Shutter Blue Wave Hedge Fund After Losses

Citigroup
1998 04 07 In Largest Deal Ever, Citicorp Plans Merger with Travelers Group
2007 10 02 Write-Downs by Big Banks Spark Rally
2007 11 03 Citigroup Chief Is Set to Exit Amid Losses
2007 11 04 Citigroup’s Prince Steps Down, Rubin Named Chairman
2007 11 27 Citigroup to Sell $7.5 Billion Stake to Abu Dhabi
2007 12 14 Citigroup Rescues SIVs With $58 Billion Debt Bailout
2008 01 15 Citigroup’s $9.8bn sub-prime loss
2008 01 15 Citigroup Loses $9.8 Billion; Will Cut Jobs
2008 01 16 Citigroup’s Big Loss Fuels Anxiety and Depresses Stocks
2008 04 18 Citigroup Reports Loss on $15 Billion of Credit Costs
2008 04 29 Citigroup Sells $3 Billion of Stock to Boost Capital
2008 04 30 Citigroup Increases Stock Offering to $4.5 Billion
2008 05 09 Pandit Citigroup Turnaround Plan May Mean Asset Sales
2008 05 09 Citigroup to wind down $400bn of assets
2008 06 09 Citigroup, Merrill, UBS Face Further Writedowns, Whitney Says
2008 06 11 Banks face $10bn monolines charges
2008 06 23 Citigroup and Goldman Sachs cut more staff as effect of credit crunch lingers
2008 07 18 Citi Posts Smaller-Than-Estimated Loss on Writedown
2008 08 07 Citigroup reaches SEC settlement on auction rate securities
2008 09 29 Citigroup Acquires Most of Wachovia; “Not a Failure,” FDIC Says
2008 10 03 Wells bids $15 billion for Wachovia; scuffles with Citi
2008 10 05 The Citi Restraining Order and Supporting Motion
2008 10 16 Citi Posts $2.8 Billion 3rd-Quarter Loss
2008 10 31 Citigroup loses $1.4 bln on securitizations
2008 11 24 Citigroup Gets U.S. Rescue From Losses, Cash Infusion

Columbia Bancorp
2008 07 08 Columbia Bancorp Warns of Q2 Loss on Souring C&D Outlook

Comerica
2008 01 17 First Horizon, Comerica Lead Regional Banks Lower

Downey Financial
2008 11 12 Downey Raises the Red Flag
2008 11 25 Downey Financial files for Chapter 7 bankruptcy

Fannie Mae
2007 12 04 U.S. mortgage giant in share issue
2008 05 06 Fannie Mae loses $2.2-billion
2008 05 06 Fannie Mae to raise $6bn new capital
2008 07 07 Freddie Mac, Fannie Mae Plunge on Capital Concerns
2008 07 09 Fannie Mae Pays Record Spreads on Two-Year Note Sale
2008 07 10 U.S. Mulls Future of Fannie, Freddie
2008 07 15 Scramble Led to Rescue Plan on Mortgages
2008 08 04 Fannie’s Mudd Soothed Asian Investors as Bonds Rose
2008 08 08 Fannie Mae Posts Fourth Straight Loss, Cuts Dividend
2008 08 15 Fannie, Freddie debt faces confidence crisis overseas
2008 08 20 Fannie Mae and Freddie Mac shares fall on fears of size of potential losses
2008 08 20 Fed’s Lacker Clashes With Paulson on Fannie-Freddie Strategy
2008 09 07 Paulson Engineers U.S. Takeover of Fannie, Freddie
2008 09 08 Fannie, Freddie Credit-Default Swaps May Be Settled
2008 09 10 Fannie to Pay Third-Quarter Preferred Stock Dividends
2008 11 11 Fannie Mae Loses $29 Billion on Write-Downs

Fifth Third Bancorp
2008 04 22 Fifth Third Beats Consensus
2008 05 20 Wachovia, Fifth Third Face Losses Tied to Hedge Funds
2008 06 13 Fifth Third plunges 11% on analyst cut
2008 06 18 Fifth Third Falls on Plan to Raise $2 Billion, Cut Dividend
2008 07 22 Fifth Third Reports $202 Million Loss on Higher Loan Defaults
2008 10 21 Fifth Third Posts Loss on Fannie Mae, Freddie Mac
2008 10 21 National City, Fifth Third, KeyCorp Report Losses

First Horizon
2007 09 12 Washington Mutual, First Horizon Cut Jobs From Mortgage Units
2008 01 17 First Horizon, Comerica Lead Regional Banks Lower
2008 07 15 First Horizon Says Jordan to Replace Baker as Chief
2008 07 15 First Horizon reports quarterly net loss

Franklin Bank
2008 11 13 Ranieri’s Franklin Bank files Chapter 7 bankruptcy

Freddie Mac
2007 11 20 Freddie Mac in $6bn share issue
2007 11 21 Freddie Mac, a Buffer Against Crisis, Posts $2 Billion Loss
2008 02 29 Freddie Mac Reports $2.5 Billion Loss: Panel to Assess Management
2008 07 07 Freddie Mac, Fannie Mae Plunge on Capital Concerns
2008 07 09 Freddie Mac Dips Below $10 a Share for First Time Since 1992
2008 07 10 U.S. Mulls Future of Fannie, Freddie
2008 07 15 Scramble Led to Rescue Plan on Mortgages
2008 08 06 Freddie Mac Posts Fourth Straight Loss, Cuts Dividend
2008 08 15 Fannie, Freddie debt faces confidence crisis overseas
2008 08 20 Fannie Mae and Freddie Mac shares fall on fears of size of potential losses
2008 08 20 Fed’s Lacker Clashes With Paulson on Fannie-Freddie Strategy
2008 09 07 Paulson Engineers U.S. Takeover of Fannie, Freddie
2008 09 08 Fannie, Freddie Credit-Default Swaps May Be Settled

Fremont General
2007 02 28 Fremont General Shares Plummet on Delay in Filing
2007 03 05 Fremont General Puts Some Mortgage Staff on Leave
2007 03 19 Fremont General Gives Mortgage Staff Two-Month Dismissal Notice
2007 05 22 Fremont Sells Lending Unit, Replaces Top Managers
2007 09 26 Fremont Says Ford Isn’t Prepared to Complete Purchase
2008 03 21 Fremont Sale Clears Out $4 Billion of Subprime Loans
2008 03 28 Fremont Ordered by FDIC to Find Buyer; Curbs Imposed
2008 05 09 Fremont May Go Bankrupt If Asset Sale Plan Falters

Gateway Bank
2008 09 11 Gateway Bank to take writedown on Fannie, Freddie shares

GE (incl. GE Capital and WMC Mortgage)
2007 03 09 General Electric’s WMC Mortgage Cuts Subprime Jobs
2007 04 19 GMAC, GE Will Cut 1,400 Job Cuts on Subprime Decline
2007 07 13 GE Will Seek Buyer for Subprime Unit After Defaults
2008 11 12 GE says gets FDIC backing for $139 billion in debt

Genworth Financial
2008 11 16 Genworth in deal to buy bank, seeks TARP money

GMAC
2007 04 19 GMAC, GE Will Cut 1,400 Job Cuts on Subprime Decline
2007 05 03 Sub-prime mortgage crisis hits GM
2007 11 01 GMAC, Radian Post Losses as U.S. Home Slump Deepens
2008 02 05 Sub-prime crisis hurts U.S. lender
2008 04 29 GMAC Posts $589 Million Loss on Home Lending Woes
2008 05 08 GMAC Outlines Asset Sales to Aid Residential Capital
2008 06 03 ResCap Default Swaps Rise on Cerberus, GMAC Infusion
2008 07 31 GMAC Reports $2.5 Billion Loss on Auto, Housing Slump

Goldman Sachs
2007 08 14 Goldman and Investors to Put $3 Billion Into Fund
2007 11 19 Goldman Sachs Rakes In Profit in Credit Crisis
2008 06 23 Citigroup and Goldman Sachs cut more staff as effect of credit crunch lingers
2008 09 16 Goldman Sachs net plunges
2008 09 21 As Goldman and Morgan Shift, a Wall St. Era Ends
2008 10 03 Goldman Hit With Auction-Rate Securities Suit

2008 11 10 Goldman cuts 10 percent of bankers in Tokyo: sources
2008 11 11 Goldman urged bets against bonds it sold: paper

H&R Block
2007 08 22 H&R Block Taps Credit Line, Cites `Unstable’ Markets
2007 11 20 H&R Block’s Mark Ernst Quits, Breeden Named Chairman of Board

Huntington Bancshares
2007 11 16 Huntington Falls on Forecast of Fourth-Quarter Loss
2008 06 03 Huntington Bancshares Sells $975 Million in Auto-Loan Debt
2008 06 19 Huntington Expects Bad Loans at High End of Forecast
2008 06 20 Huntington Surges on Promise to Corral Bad Loans
2008 07 17 Huntington shares gain in wake of results
2008 08 18 Huntington shares slide after client warns of loss

IndyMac
2007 07 31 IndyMac’s Net Falls 57 Percent as Defaults Surge
2007 11 06 IndyMac Reports $202.7 Million Loss on Late Payments
2008 02 12 IndyMac Posts Record Loss, Calls Reserves Adequate
2008 04 09 IndyMac Sells First Non-Agency Bonds in Two Months
2008 05 12 IndyMac Reports Loss, Doesn’t See Profit in 2008
2007 06 13 IndyMac Sued Over Investor Claims It Hid Loan Losses
2008 06 30 IndyMac to Trim Operations, Not Shut Down, Perry Says
2008 07 01 IndyMac Chief Financial Officer A. Scott Keys Resigns
2008 07 07 IndyMac Cuts Half its Staff as Mortgage Losses Mount
2008 07 08 IndyMac Falls After Regulators Say It Isn’t `Well Capitalized’
2008 07 11 IndyMac Bancorp Is Seized By Federal Regulators
2008 07 11 IndyMac Seized by U.S. Regulators Amid Cash Crunch
2008 07 29 IndyMac: The Downfall of a California Dreamer
2008 08 20 FDIC Releases Details on IndyMac Loan Mods; Questions Remain
2008 08 20 California mulls probing senator over IndyMac crash

JPMorgan Chase (incl. Bear Stearns and WaMu)
2006 02 16 Washington Mutual to Cut 2,500 Jobs
2007 06 12 Bear Stearns’ Subprime Bath
2007 06 23 Bear Stearns Fund Collapse Sends Shock Through CDOs
2007 06 23 $3.2 Billion Move By Bear Stearns To Rescue Fund
2007 06 26 Bear Stearns provides update on BSAM structured credit strategies funds
2007 07 18 Bear Stearns Says Battered Hedge Funds Are Worth Little
2007 08 02 Bear Stearns funds enter bankruptcy
2007 08 07 Bear Stearns Caymans Filing May Hurt Funds’ Creditors
2007 08 09 Bear Stearns sued over hedge fund collapse
2007 09 12 Washington Mutual, First Horizon Cut Jobs From Mortgage Units
2007 11 15 Bear Stearns Credit Rating Cut by S&P on Writedowns
2007 11 21 Bear Stearns’s Former President to Keep $23 Million
2007 11 28 Bear Stearns to Cut 650 Jobs Amid Mortgage Losses
2007 12 11 Washington Mutual Cutting Dividend and Jobs
2007 12 19 Bear Stearns Hedge Fund Manager Departs Amid Probes
2007 12 20 Bear Stearns Posts First Loss on Mortgage Writedowns
2007 12 20 Barclays sues Bear Stearns over hedge fund collapses
2008 01 09 Bear Stearns boss Cayne resigns
2008 01 16 JP Morgan’s $1.3bn sub-prime hit
2008 01 18 Write-Down Contributes to Profit Fall at Trust Bank
2008 03 14 JPMorgan and Fed Move to Bail Out Bear Stearns
2008 03 14 Bear Stearns Has Credit Ratings Slashed After Bailout
2008 03 15 Run on Big Wall St. Bank Spurs U.S.-Backed Rescue
2008 03 25 Seeking Fast Deal, JPMorgan Quintuples Bear Stearns Bid
2008 04 07 Bear Stearns Sued for $1 Billion by Fund Liquidators
2008 04 15 Timeline of JP Morgan Chase’s acquisition of Bear Stearns
2008 04 16 JPMorgan Chase’s profit drops 50 pct in 1Q on reserves boost
2008 04 08 Washington Mutual Raising $7 Billion
2008 04 09 WaMu’s Hedge: CEO Called In Dimon & Co.
2008 04 15 A Loss and a Shake-up at Washington Mutual
2008 05 29 Bear Stearns Holders Approve Purchase, Ending Era
2008 06 02 Washington Mutual’s Killinger Steps Down as Chairman
2008 06 09 Washington Mutual Falls on $22 Billion Loss Estimate
2008 06 19 WaMu cuts 1,200 more jobs as part of cost reductions
2008 07 14 WaMu Leads Steepest-Ever Decline in Bank Stock Index
2008 07 15 Washington Mutual Drop Wipes Out Most of TPG Holding
2008 07 17 J.P. Morgan Chase’s profit off 53%, tops target
2008 07 17 JPMorgan Profit Falls 53% Amid Higher Charges
2008 07 22 WaMu Has $3.3 Billion Quarterly Loss on Delinquencies
2008 07 24 WaMu Slumps as Gimme Credit Cites Liquidity Concern
2008 08 12 JP Morgan Takes $1.5 Billion Mortgage-Backed Hit in July
2008 08 20 JPMorgan Warned California as Auction Market Neared Collapse
2008 09 08 WaMu’s New Chief Prepares To Dive In Amid Skepticism
2008 09 09 Counterparty credit risks climb on Lehman, WaMu
2008 09 16 WaMu Falls as S&P Cuts Lender’s Credit Rating to Junk
2008 09 24 WaMu Cut Again by S&P as Pressure Rises to Reach Deal
2008 09 24 Fitch: Partial Sale Increasingly Likely for WaMu; IDR Downgraded to ‘B-’
2008 09 25 WaMu Seized by U.S., Assets Sold to JPMorgan in Record Failure
2008 09 25 WaMu’s 42-Story Seattle Headquarters Acquired in JPMorgan Deal
2008 10 16 JPMorgan to grant WaMu access to $4.4 billion in funds

KeyCorp
2008 05 28 KeyCorp Slide Foretells Losses at `Delusional’ Banks
2008 06 12 KeyCorp to raise $1.5 billion, cut dividend 50%
2008 07 22 KeyCorp Posts First Loss Since 2001 After Tax Case
2008 10 21 National City, Fifth Third, KeyCorp Report Losses

Legg Mason
2008 05 06 Legg Mason Posts First Loss
2008 10 29 Legg Mason Beats Estimates, Rises Most in 25 Years

Lehman Brothers
2007 12 13 Lehman earnings fall amid $830 million writedown
2007 01 17 Lehman to cut 1,300 mortgage jobs
2008 03 18 U.S. bank profits more than halved
2008 04 29 Lehman Plans EU1.1 Billion CLO to Cut Buyout Loans
2008 06 02 Morgan Stanley, Merrill, Lehman Ratings Cut by S&P
2008 06 03 Lehman May Need to Raise Capital as Analysts See Loss
2008 06 03 Living without the Bear buffer
2008 06 03 Losses Push Lehman To Weigh Raising New Capital
2008 06 03 Lehman Denies Fed Borrowing, Says Cash Holdings Rose
2008 06 09 Lehman Brothers to post $3 bln loss; sets $6 bln stock sale
2008 06 09 Lehman to post $2.8 billion quarterly loss
2008 06 09 Lehman Cuts $130 Billion of Assets to End Bear Stigma
2008 08 20 Possible Lehman asset management sale portends pain – Reuters
2008 08 20 Lehman’s secret talks to sell 50% stake stall
2008 08 21 Fed Acted on Lehman Rumor
2008 09 09 Counterparty credit risks climb on Lehman, WaMu
2008 09 09 KDB’s Attempt to Invest In Lehman Appears Over
2008 09 10 Lehman Sees $3.9 Billion Loss and Plans to Shed Assets
2008 09 10 Lehman to Sell Neuberger Stake, Spin Off Real Estate
2008 09 15 Lehman Files Biggest Bankruptcy After Suitors Balk
2008 09 22 Nomura buys Lehman Brothers Asia units
2008 09 23 Nomura Acquires 2 More Lehman Units
2008 11 12 Deutsche Bank sues Lehman for $US72.5m

M&T Bank
2008 07 14 M&T Bank Falls After Second-Quarter Profit Slumps 25%

Marshall and Ilsley
2008 07 03 Marshall & Ilsley Announces 2008 Q2 Provision of up to $900 Million
2008 07 16 Marshall & Ilsley posts second-quarter loss of $394 million

MBIA
2007 12 10 MBIA Gets $1 Billion From Warburg Pincus, Sees Losses
2007 12 19 Ambac, MBIA Outlook Lowered by S&P, ACA Cut to CCC
2008 01 31 MBIA Posts Biggest Loss, Considers New Capital Plans
2008 02 07 MBIA to Sell $750 Million of Stock to Avert Downgrade
2008 02 19 MBIA Former Chief Returns as Credit Rating Cut Looms
2008 04 04 MBIA Loses AAA Insurer Rating From Fitch Over Capital
2008 06 05 MBIA, Ambac, $1 Trillion of Debt, Lose S&P AAA Rating
2008 06 09 Citigroup, Merrill, UBS Face Further Writedowns, Whitney Says
2008 06 11 Banks face $10bn monolines charges
2008 08 08 MBIA reports surprise profit of $1.7 billion
2008 11 05 MBIA, Ambac Losses Widen on Higher Claims Forecast

MGIC
2008 06 05 MGIC, PMI Downgraded by Fitch on Poor Underwriting
2008 06 20 Freddie Mac Says MGIC, Radian Insurance Acceptable

Morgan Stanley
2007 11 08 Morgan Stanley takes $3.7bn hit
2007 11 30 Morgan Stanley Executive Ousted After Trading Loss
2007 12 19 Morgan Stanley takes $9.4bn hit
2008 05 06 Morgan Stanley to Cut 5% of Staff
2008 05 15 Morgan Stanley aims to axe 350 London jobs
2008 06 02 Morgan Stanley, Merrill, Lehman Ratings Cut by S&P
2008 06 18 Morgan Stanley Profit Drops on Debt Losses, Trading
2008 08 06 Morgan Stanley Said to Freeze Home-Equity Credit Withdrawals
2008 08 08 Morgan Stanley to Pay $1.5 Million in Auction-Rate Settlement
2008 09 16 Morgan Stanley profit falls 3 percent
2008 09 21 As Goldman and Morgan Shift, a Wall St. Era Ends
2008 09 23 Japan’s biggest bank to buy 20% stake in Morgan Stanley
2008 11 12 Morgan Stanley Plans Additional Layoffs

National City
2008 01 02 National City to Trim Dividend by 49%, Cut 900 Jobs
2008 04 21 Funds to invest up to $8bn in National City bank
2008 06 06 National City Is Under U.S. Scrutiny
2008 07 14 National City says not experiencing unusual activity
2008 07 25 National City Posts $1.76 Billion Loss
2008 10 03 Fitch lowers National City’s debt ratings
2008 10 21 National City has big loss, to cut 4,000 jobs
2008 10 21 National City, Fifth Third, KeyCorp Report Losses

New Century Financial
2007 02 08 Home Lenders Plunge as More Subprime Mortgages Sour
2007 03 05 New Century Leads Drop in Shares of Mortgage Lenders
2007 03 12 New Century shares are suspended
2007 04 02 Top U.S. lender in Chapter 11 move

Novastar Financial
2007 02 21 NovaStar Sheds One-Third of Value After Posting Loss
2007 04 05 NovaStar Cuts Off Credit Lines for Mortgage Bankers
2007 09 04 NovaStar Auditor Raises Doubt About Lender’s Survival
2007 09 17 NovaStar Can’t Pay Dividend, Forfeits REIT Status
2007 10 16 Morgan Stanley Buys NovaStar Rights for $175 Million
2007 12 18 Fitch Affirms $938.68MM & Downgrades $41.25MM from 1 Novastar 2005 Subprime Deal
2008 01 11 NYSE To Suspend, Apply to Delist, NovaStar Financial

PMI Group
2008 06 20 Freddie Mac Says MGIC, Radian Insurance Acceptable

Provident Bankshares
2008 10 28 Provident sees $5.4 million loss over portfolio devaluation

Radian Group
2007 08 07 MGIC may call off merger deal
2007 11 01 GMAC, Radian Post Losses as U.S. Home Slump Deepens
2008 06 20 Freddie Mac Says MGIC, Radian Insurance Acceptable
2008 07 07 Radian shares surge more than 50%

Regions Financial
2008 07 22 Regions Cuts Dividend as Profit Falls on Missed Loans

Sovereign Bancorp
2008 10 13 Spain’s Santander Buys Sovereign for $1.9 Billion

SunTrust Bank
2008 04 22 SunTrust Profit Falls 45% on Provisions for Bad Loans
2008 07 22 SunTrust Profit Declines as Borrowers Fall Behind
2008 10 23 SunTrust Net Income Falls 26% on Higher Loan Losses

Triad
2008 06 19 Triad Will Stop Insuring Mortgages as Talks Collapse
2008 06 24 Triad Guaranty’s Dismissal of Employees to Cost $7.5 Million
2008 06 24 Triad Chief Seeks AA-Rated Investor to Fund Venture

U.S. Bancorp
2008 07 15 U.S. Bancorp Profit Falls on Higher Credit Losses

Wells Fargo (now incl. Wachovia)
2009 01 02 2 Big Bank Deals Are Completed
2008 10 22 Wachovia reports 23.9 billion loss
2008 10 15 Wells Fargo’s Net Earnings Down 25 Percent for Q3: Report
2008 10 05 The Citi Restraining Order and Supporting Motion
2008 10 03 Wells bids 15 billion for Wachovia; scuffles with Citi
2008 09 29 Citigroup Acquires Most of Wachovia; “Not a Failure,” FDIC Says
2008 09 15 Wells Fargo takes Lehman Related Charge
2008 08 20 Wachovia Unloads Troubled Loans
2008 08 12 Wachovia Increases Second-Quarter Loss
2008 07 25 Wachovia’s Finance Chief Resigns
2008 07 22 Wachovia ends wholesale mortgages
2008 07 22 Wachovia Has Record 8.9 Billion Loss, Cuts Dividend
2008 07 16 Wells Fargo Profit Exceeds Estimates; Shares Jump
2008 07 15 Meredith Whitney Cuts Wachovia on `Bleak’ Prospects
2008 07 10 Wachovia’s Capital `Solid’ After Quarterly Loss, Smith Says
2008 06 02 Wachovia Ousts Thompson on Writedowns, Share Plunge
2008 05 20 Wachovia, Fifth Third Face Losses Tied to Hedge Funds
2008 04 16 Wells Fargo Beats, But Loan Worries Persist
2008 04 14 Wachovia’s Loss a Grim Sign for Banks
2008 01 23 Wachovia’s Big-City Splash Has a Sobering Aftermath
2008 01 08 Baltimore Is Suing Bank Over Foreclosure Crisis
2007 11 28 Bracing for Home Loan Losses, Wells Fargo to Take Big Charge
2007 11 09 Wachovia reveals more debt losses
2007 10 20 Wachovia Profit Declines 10%; Job Cuts Ahead
2007 07 27 Wells Fargo to Limit Subprime Lending
2006 05 08 Wachovia acquires Golden West Financial
2006 05 07 Paper: Wachovia nears $26B takeover of Golden West
2001 04 17 First Union Pursues Wachovia, Making Offer of 13.1 Billion

Zions
2008 06 17 Zions falls the most in six years on expected rise in bad loans
2008 08 13 Zions lead financials lower at open

Return to Financial Institutions List

UK
Alliance & Leicester
2008 05 14 Alliance & Leicester shares fall on writedowns
2008 07 06 Alliance and Leicester aims to save £80m on dividend
2008 07 14 Santander’s takeover of Alliance & Leicester spells shake-up of high street banks
2008 07 14 Alliance & Leicester takeover angers unions and shareholders
2008 08 01 Credit crunch leaves Alliance & Leicester’s profits in tatters

Barclays
2007 04 29 Battle of the banks
2007 08 21 Bank of England Lent Money at Emergency Rate
2007 11 15 Barclays reveals sub-prime losses
2008 05 02 Barclays May Raise 3 Billion Pounds, Dresdner Says
2008 05 15 Barclays reports a $1.94-billion writedown
2008 07 18 Barclays Investors Buy 19% of Shares on Sale in Offer
2008 07 18 Barclays and HBOS cash calls shunned
2008 08 07 Barclays’ profits drop a third
2008 11 12 Barclays shareholders revolting over Middle East fundraising

Bradford and Bingley
2008 02 13 Bradford & Bingley profits slide
2008 04 13 Bank denies cash-raising reports
2008 05 15 Big investors pan Bradford & Bingley for £300m rights issue
2008 06 02 Bradford & Bingley shares plunge as lender warns and TPG takes stake
2008 07 04 Bradford & Bingley Investors on the Hook as TPG Walks
2008 07 07 Regulator watching troubled UK bank
2008 07 07 Bradford & Bingley May Seek Guarantor for $14 Billion of Bonds
2008 07 09 Bradford & Bingley Advances on Takeover Speculation
2008 07 18 B&B Shareholders Approve Rights Issue
2008 08 18 Bradford & Bingley shareholders shun £400m cash call
2008 09 29 B&B nationalisation is confirmed

HBOS
2001 05 04 BoS and Halifax agree merger
2007 08 21 HBOS forced to tap balance sheet in illiquid markets
2007 12 14 HBOS shares slide on credit writedowns
2008 04 29 HBOS Plans to Raise 4 Billion Pounds in Share Sale
2008 04 30 HBOS dividend cut highlights need for reform
2008 06 19 HBOS writes off £1bn and warns on house prices
2008 07 18 Barclays and HBOS cash calls shunned
2008 07 31 HBOS Gains After First-Half Earnings Exceed Estimates
2008 09 18 Lloyds TSB seals £12.2bn HBOS deal
2008 10 13 RBS, HBOS and Lloyds to get $64 billion from U.K.
2008 11 03 Lloyds TSB urges takeover of HBOS, despite £5bn of writedowns

HSBC
2002 11 14 HSBC pays £9bn for credit card group
2007 02 08 U.S. loan problems shake HSBC
2007 02 08 HSBC’s Bad Home Loans Heighten Perceived Risk of Corporate Debt
2007 02 22 HSBC announces departure of two top executives at U.S. business
2007 03 04 U.S. triggers $11bn HSBC fall-out
2007 09 21 HSBC to Close U.S. Subprime Mortgage Unit, Cut Jobs
2007 09 25 HSBC’s Closes Decision One: Just the Tip of Its Subprime Iceberg
2007 11 12 HSBC expected to write down an extra $1bn
2008 03 03 HSBC in $17bn credit crisis loss
2008 03 03 HSBC hints at asset sales as writedowns mount
2008 08 04 HSBC’s profits drop as economies slows
2008 11 10 £37bn bail-out will encourage reckless banks, says HSBC boss
2008 11 10 HSBC’s Profit Up on Year, Takes $4.9 Billion Hit

Kensington
2007 05 30 Kensington agrees to £283m buyout

Lloyds TSB
2001 05 04 BoS and Halifax agree merger
2007 12 10 Lloyds TSB in £200m sub-prime hit
2008 02 22 Lloyds TSB shines through credit crunch chaos
2008 05 06 Lloyds TSB bullish despite £387m writedown
2008 09 18 Lloyds TSB seals £12.2bn HBOS deal
2008 10 13 RBS, HBOS and Lloyds to get $64 billion from U.K.
2008 11 03 Lloyds TSB urges takeover of HBOS, despite £5bn of writedowns

Nationwide
2008 11 10 Nationwide profits dive on 17% mortgage drop

Northern Rock
2007 09 14 Northern Rock Gets Emergency Bank of England Funding
2007 09 15 Credit Crisis Hits Lender In Britain
2007 09 17 Government guarantees Northern Rock deposits
2007 09 23 Ten days that shook the City
2007 10 10 Northern Rock deposits to be guaranteed by British government
2008 02 17 Northern Rock Nationalized as U.K. Rejects Virgin Bid
2008 05 13 Rock’s mortgage arrears increase
2008 05 21 Northern Rock billions ‘at risk in a downturn’
2008 07 30 Northern Rock unveils job losses
2008 08 06 Northern Rock losses hit almost £600m

RBS
2008 11 15 RBS to slash 3,000 banking jobs worldwide
2008 11 04 RBS sees more writedowns, eyes 2010 dividend restart
2008 10 13 RBS, HBOS and Lloyds to get $64 billion from U.K.
2008 08 08 RBS slumps to loss after £5.9bn writedown
2008 04 22 RBS aims to raise $24B in new capital
2008 04 17 RBS expected to ask investors for cash
2008 02 28 RBS profits rise 9 per cent despite £2.5 billion writedown
2007 12 07 RBS says it knew risk as it reveals £1.5bn of write-offs
2007 12 06 RBS in £1.25bn credit crunch hit
2007 04 29 Battle of the banks
2000 02 11 NatWest merger’s mixed fortunes
2000 02 10 NatWest takeover: a chronology
1999 09 24 NatWest rejects takeover bid
1999 09 03 NatWest pounces on L&G with £11bn takeover bid

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Canada

Bank of Montreal
2008 08 26 Housing slump hits BMO’s bottom line

CIBC
2008 01 07 CIBC Ousts Two Executives Amid Write-Downs
2008 05 29 Royal Bank, National Profits Decline; CIBC Posts Loss
2008 05 30 CIBC losses hit $6.7 billion
2008 07 23 CIBC sued over subprime investments
2008 08 27 CIBC profit squeezed by $885-million credit hit
2008 10 03 CIBC gets $1-billion cash injection from Cerberus

Manulife
2008 10 13 Manulife Discloses C$250 Million of Credit Losses

National Bank of Canada
2008 05 29 Royal Bank, National Profits Decline; CIBC Posts Loss
2008 08 28 National Bank profit rises

RBC
2008 04 28 Royal Bank May Take C$4.2 Billion in Writedowns
2008 05 14 Royal Bank taking $855M hit on writedowns
2008 05 29 Royal Bank of Canada Profit Drops on Writedowns
2008 05 29 Royal Bank, National Profits Decline; CIBC Posts Loss
2008 08 28 U.S. operations bite into Royal Bank’s profit

Scotia Bank
2009 01 07 Bank of Nova Scotia boosts its capital
2008 08 26 Scotiabank earnings slip 2%

Sun Life
2008 10 21 Sun Life posts Q3 loss of $396M

Toronto-Dominion Bank
2008 08 28 TD’s profit drops, but bank hikes dividend

Germany

Allianz
2008 04 29 Allianz Quarterly Net Falls 66% After Bank Writedowns
2008 05 09 Allianz Profit Falls on EU513 Million Dresdner Loss
2008 08 06 Allianz Posts Lower Earnings, Cuts Growth Forecast

Commerzbank (incl Dresdner)
2008 02 14 Writedown clouds Commerzbank gain
2008 09 01 Commerzbank buys ailing Dresdner
2008 09 02 Price of Dresdner Deal Worries Commerzbank Investors
2008 09 03 What Now For Dresdner Kleinwort?
2008 11 11 Dresdner Had EU650 Million Third-Quarter Writedowns

Deutsche Bank
2007 10 03 Less Harm Than Feared At Largest German Bank
2008 02 08 Deutsche Bank Escaped Subprime Loan Losses
2008 04 01 Deutsche Bank to write down $4B
2008 04 29 Deutsche Bank Says It Had First Loss in Five Years
2008 07 31 Deutsche writes down 2.7bn euros
2008 11 12 Deutsche Bank sues Lehman for $US72.5m

Duesseldorfer Hypothekenbank
2008 04 22 Duesseldorfer Hypo Rescued by Bank Group After Crisis

Hannover Re
2008 11 06 Hannover Re Scraps Dividend Amid Writedowns, Storms
2008 10 21 Hannover Re Abandons Profit Target After Writedowns
2008 07 25 Hannover Re Drops Most Since 2001 After Saying Goals Difficult

HSH Nordbanken
2007 08 23 HSH Has EU1.8 Billion Invested in Subprime-Related Securities
2008 02 26 HSH Nordbank Sues UBS in New York to Recoup Subprime Losses
2008 03 10 HSH Profit Declines on Subprime; Bank Postpones IPO
2008 05 20 HSH Nordbank Says Its Owners Back Plan for Capital Increase
2008 06 20 HSH First-Quarter Profit Declines 79% on Writedowns
2008 09 08 HSH to Exit Operations, Cut Jobs After Profit Slumps
2008 09 24 HSH Nordbank Posts EU500 Million in Third-Quarter Writedowns

Hypo Real Estate
2008 09 29 Hypo Real Estate to Get EU35 Billion Bailout From State, Banks
2008 10 06 Hypo Real Gets EU50 Billion Government-Led Bailout
2008 10 29 HRE taps bailout fund for €15bn
2008 11 12 Heavy losses at Hypo Real Estate

IKB
2007 07 30 IKB Cuts Profit Forecast Amid Rout in U.S. Mortgages
2007 09 03 Sub-prime crisis to cost IKB $1bn
2007 11 27 KfW Almost Doubles Provisions on Possible IKB Losses
2008 02 17 IKB Will Ask Shareholders to Approve EU1.5 Billion Stock Sale
2008 02 18 IKB Bailout Cost Totals 8.5 Billion Euros, Handelsblatt Reports
2007 03 20 IKB Seeks Fourth Bailout After Subprime Loss Widens
2008 04 07 Head of German bank KfW resigns amid problems at IKB
2008 04 29 IKB Has $1.5 Billion First-Half Loss on Writedowns
2008 05 27 IKB Posts Nine-Month Loss; Sale Process as Planned
2008 07 03 IKB Reports 24 Million Euro Full-Year After-Tax Loss
2008 07 16 IKB’s Failed Rhinebridge SIV to Sell Assets Under Goldman Plan
2008 07 22 IKB in new sub-prime write downs
2008 08 21 Lone Star Funds to take over IKB

Munich Re
2008 07 25 Munich Re Drops Most Since 2003 on Asset Writedowns
2008 08 06 Munich Re Second-Quarter Profit Falls on Writedowns

Postbank
2008 07 30 Postbank Second-Quarter Net Falls 21% on Writedowns

Sachsen Landesbank
2007 08 21 SachsenLB Has EU3 Billion in Subprime, Person Says
2007 08 28 Sub-prime stricken Sachsen probed

WestLB
2007 08 08 German Fund Stops Payouts, Citing Mortgage Market Unease
2008 01 21 WestLB expects billion euro loss
2008 04 02 Exposure to U.S. market drops WestLB bank

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