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10th March 2008
Bear Stearns Cos. fell 8.4 percent in New York trading, the most since 1999, on speculation the company lacks sufficient access to capital on subprime related losses and writedowns.
HSH Profit Declines on Subprime; Bank Postpones IPO
Lehman to Cut 5% of Global Workforce as Economy Slows, Analysts expect Lehman's first-quarter writedowns to be as much as $3 billion
Banks and brokers have written down more than $188 billion of subprime-related assets since the beginning of 2007, according to data compiled by Bloomberg. Lehman has reported $1.5 billion of charges while larger rival Morgan Stanley has taken $9.4 billion of writedowns. Merrill Lynch & Co., the world's biggest brokerage, has posted $24.5 billion of writedowns. |