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%.