Thursday, October 18, 2007

Banks report losses

Many of the major banks are reporting losses.

Chase reports 70% loss in its investment banking division.

Bank of America
profit is down 32%.

Countrywide has a whole host of problems, including plummeting stock values and a 20% layoff of their workforce.

Wells Fargo
is also reporting big increases in credit losses, particularly from consumer real estate.

Citibank plunges 57%.

Washington Mutual
reports 72% profit loss.

Wachovia falls 10%.

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