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Per "The City", May 19th, 2008:
Company . . . . . . Writedowns . . . . . . Losses Per Employee
1. Mizuho Financial Group - $5.5bn in writedowns, 2,000 wholesale banking employees, $2,750,000 per employee.
2. Wachovia - $7bn, 3,900, $1,794,872 per employee
3. UBS - $37bn, 22,000, $1,681,818 per employee
4. Citi - $40.9bn, 30,000, $1,363,333 per employee
5. Bank of America - $14.8bn, 20,000, $740,000 per employee
6. Merrill Lynch - $31.7bn, 48,100, $659,044 per employee
7. Dresdner Kleinwort - $3.3bn, 6,000, $550,000 per employee
8. Credit Agricole - $6.9bn, 13,000, $530,769 per employee
9. Barclays Bank / Barclays Capital - $7.7bn, 16,200, $475,309 per employee
10. JPMorgan Chase - $9.8bn, 25,000, $392,000 per employee
11. Deutsche Bank - $7.6bn, 20,000, $380,000 per employee
12. SG Corporate & Investment Banking - $3.9bn, 10,500, $371,429 per employee
13. Morgan Stanley - $12.6bn, 38,050, $331,143 per employee
14. Credit Suisse - $6.3bn, 20,000, $315,000 per employee
15. Lehman Brothers - $6.6bn, 30,000, $220,000 per employee
16. Goldman Sachs - $4.1bn, 30,000, $133,667 per employee
17. BNP Paribas - $1.7bn, 13,000, $130,769 per employee
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Bloomberg
Posted: 3:23 am
July 25, 2008
Falling US home prices will force financial firms to write down $1 trillion from their balance sheets, crimping bank lending and sparking sales of assets, said Bill Gross, who manages the world's biggest bond fund.
A total of $5 trillion of mortgage loans belong to "risky asset categories," Gross of Pacific Investment Management Co., said yesterday.
"The problem with writing off $1 trillion from the finance industry's cumulative balance sheet is that if not matched by capital raising, it necessitates a sale of assets, a reduction in lending, or both, that in turn begins to affect economic growth," Gross wrote.
To date, firms worldwide have reported $467.9 billion in losses and writedowns tied to the US subprime mortgage market.
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