Commerzbank Subprime Losses May Exceed Expectations

  • 21 Sep 2007
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Commerzbank may face greater than expected losses on investments in the U.S. subprime mortgage market, reports Reuters UK. The bank had previously set aside €80 million ($111 million) to cover subprime losses but that may not be enough. “Since that estimate was announced the situation has become more critical,” said a source, adding that the bank now faced having to make a higher charge. “There is no market at the moment - it could go in any direction.” Another source said that the company could face a loss of €500 million ($703.36 million) but that it was impossible to tell at this point. A spokesperson for the bank said that it hasn’t changed its loss estimate but that it may do so in the future.

Click here to read the story from Reuters UK

  • 21 Sep 2007

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1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

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1 Citi 2,454.09 9 13.89%
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3 SG Corporate & Investment Banking 1,292.64 1 7.32%
3 Rabobank 1,292.64 1 7.32%
5 Bank of America Merrill Lynch 1,226.20 5 6.94%