While Citi was hardly alone in that kind of misery, the investment banking losses took a more unexpected cut to its bottom line.
Europe's leaders have made it clear that a Greek default would be a catastrophe, leading to banking losses elsewhere in Europe and threatening the European banking system.
On the other hand Spain has still to come clean about the extent of its banking losses and once the aid process begins we will find that these losses are much larger than the Euro 19 billion requested by Bankia.
So far most of the banking sector losses have been accounting writedowns, not cash losses.
The federal government stepped in Sunday night to bail out Citigroup and restore confidence in the financial system, promising to protect the banking giant against losses on hundreds of billions of dollars worth of troubled assets.
Fraud was a material part of the mortgage collapse, a big factor in commercial property and loan losses and a component in investment banking and private-equity losses that did more damage than acknowledged.
Its large banking sector has suffered losses on Greek bonds, and its biggest power station has been knocked out by munitions exploding on a naval base.
The company said that its revenues grew more than 5% over the same period last year and that it added a net 410, 000 postpaid subscribers to its core Sprint platform (excluding Nextel losses) banking on another quarter of healthy iPhone sales.
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These revenue sources offset losses in investment banking and higher legal expenses related to mortgages.
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In March, Allianz decided to carve up its Dresdner banking unit, after significant losses at the securities division Dresdner Kleinwort.
Trouble in the mortgage markets is only just now starting to seep into credit portfolios, and loan losses for the banking industry are expected to mushroom this year.
Under the deal clinched in Brussels early Monday, Cyprus agreed to slash its oversized banking sector and inflict hefty losses on large Laiki and Bank of Cyprus depositors.
Nearly one in 10 companies can't service the principal on their debt, according to insolvency trade body R3, suggesting that many are being kept on life support by a banking system unwilling to recognize losses and under political pressure to maintain corporate lending.
Stress tests of Europe's biggest banks are due to be released on July 15th and are expected to show that the region's banking system could absorb the losses from a Greek default with only a dozen or so banks having to raise extra capital.
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Now the government holds the purse strings for business in health care and banking and they can heap huge losses onto industry participants.
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Many of its problems stemmed from heavy losses sustained by the banking system, which had taken a spectacularly ill-judged gamble on Greece's sovereign debt.
Mr Jenkins' strategic review of the bank, dubbed the "Transform" programme, is also expected to involve 2, 000 job losses in the investment banking business.
Sageworks, a financial information company, collects and analyzes data on the performance of privately held companies and provides allowance for loan and lease losses solutions to the banking industry.
Because the Co-Op would become so large in the sensitive business of taking deposits, with care of tens of billions of pounds of savings for many millions of customers, it would be forced to change its corporate structure and governance, and dedicate more capital to banking, to protect depositors from losses.
Instead of trying to expand into investment banking, a business with juicy margins in good times but horrible losses in bad, Erste Bank has instead concentrated on expanding its retail banking business into central and eastern Europe, where it has subsidiaries stretching from Austria to Ukraine.
The group had already renegotiated its existing banking covenants in light of the earlier losses.
Glass Steagall was passed to prevent commercial banks taking government insured deposits from failing due to losses incurred through riskier investment banking activities (issuing stock and other securities).
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Only a supranational body with a high degree of public trust can decide, for example, what proportion of the losses from Spain's banking bust should be borne by Slovakian pensioners as opposed to the investors, managers and employees of those banks.
The Spanish banking system is plagued by huge and unrealized losses from the financing of the real estate bubble.
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As a result, worries about the European banking sector have meant another round of steep losses in equities, with shares of some French banks posting double-digit percentage losses.
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U.S. Bancorp continues to eat into the market share of competitors like Bank of America and Citigroup, who have reduced their mortgage banking activities over recent quarters to rein in losses from their existing portfolio.
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Mr Corzine's background is in trading (Mr Paulson's is in investment banking) and he was closely identified with losses from highly leveraged bets similar to those that led to the collapse last September of Long-Term Capital Management, a hedge fund.
Which is a reminder that the scale of what went wrong in the sub-prime market was not just any old banking accident, but that the disclosure of losses in this market became the trigger (though not the cause) of the economic malaise that afflicts us to this day.
But state-backed banks Lloyds Banking Group and Royal Bank of Scotland both reported losses.
Allianz has spent a year trying to staunch losses at Dresdner from corporate and investment banking.
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