I am wondering, is this Business Standard provided the data of losses? Because, the losses for both Citi Bank and UBS are much more than what it shows here.
Go to Bloomberg or Financial Times, Newyork..it shows till now Citi bank (world's largest bank by value) has written off more than $25 Billion where as UBS (Europe's largest bank by asset) shown $19 billion includes their $3.2 billion losses in Q4 result. And for Societe Genarale,2nd biggest bank in France (after BNP Paribas)occuered more than $3.4 billion dollar losses apart from that their internal traiding default by an employer caused extra $7.2 billion losses, and now bank is in serious trouble in cash shortage. Where as HSBC (Europe's largest bank by market value, and world's 3rd after Citi and Bank of America (BOA)) occured $3.4 billion losses slightly more than what it shows as I am an employee of HSBC, Singapore believe this is not the final writen off for all the leading bank as recently UBS got a set back by Central bank of India,RBI not to allow them to enter into investing money on Indian small scale industries because of a case has been filed against UBS and Morgan Stanley on hiding the information to their investors caused 30 to 40% share prices down for these giant investment banks in the stock exchanges in past 6-8 months. And IMF (International Monetary Fund) is looking into both the issues.
Let's hope the sub prime crisis will resolve very soon which is not likely to be.
