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Wednesday, January 23, 2008

SunTrust: $555 Million in Write-Downs

by Calculated Risk on 1/23/2008 09:22:00 AM

The regional banks are getting hit too.

From the WSJ: Write-Downs Hit SunTrust Earnings

SunTrust Banks Inc.'s fourth-quarter net income fell 98% as the company recorded a higher-than-expected $555 million in write-downs and reported soaring credit costs.
The latest quarter's results included a $510 million write-down on the purchase of structured investment vehicle-issued securities from two of its money-market funds ...
Also from Reuters: Profit at U.S. regional banks tumble, evaporate
Cleveland-based National City Corp lost $333 million in the fourth quarter ... The bank's loan loss provision in the quarter was $691 million and $1.3 billion for the full year because of continued problems with risky subprime mortgages.