More bad news for banks

The Sunday Times reported that Citigroup and Merrill Lynch reported additional sub-prime write-downs totalling $15 billion.  It is expected  that Citigroup and Merrill Lynch will report disappointing first quarter losses.  Internationally is is estimated the world ‘s largest banks have taken approximately a trillion dollars loses from write downs since 2007.

US Banks and international banks are looking to sell off their troubled loan portfolios and subsidiaries to to raise capital.  J.P. Morgan is expected to post a small profit for the first quarter of 2008.