$400 bn more losses at US banks: JP Morgan (reach total of $1.3 tr)

Economic Times ^ | 04/21/09

[TigerLikesRooster]

$400 bn more losses at US banks: JP Morgan

21 Apr 2009, 0010 hrs IST, REUTERS

NEW YORK: JP Morgan Securities said it estimates US banks to incur $400 billion more in losses from the credit crisis and expects there will be need for more capital for certain institutions.

"We expect that total losses could reach $1.3 trillion. Banks so far have taken writedowns and losses of $920 billion, so they are roughly 70 percent through with total losses," the brokerage wrote in a note to clients.

The bulk of the bank losses will come from loan books and less from securities portfolios, which have already gone through large writedowns, the brokerage said.

[TigerLikesRooster]

Zombies need more fresh blood to survive.

[dennisw]

Never have so many become so rich (bonuses etc) from doing allegedly stupid things. Stupid! Yeah stupid all the way to the bank. These con men are as easy to see through as their patron saint fellow con artist 0boma

[Proud_USA_Republican]

I heard a much more accurate description of these US financial “institutions” like JPMorganChase, Goldman Sachs, and Bank of America.
Ravenous beasts with a never ending appetite for assets that fart atomic bomb explosions of economic destruction.

[driftdiver]

meanwhile these companies continue to shop jobs overseas. Not to mention the loans they won’t give Americans.

[GOPJ]

Thanks for the ping.