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Financial Sector Credit
Wachovia...said it may set aside twice as much for loan losses than planned in this quarter and that writedowns already equal the third quarter's total. PNC, ranked 11th, said quarterly profit will be less than analysts estimated. Today's announcements show bankers see no quick end to losses and writedowns... Lewis said loan losses will increase in 2008 at Bank of America and Wachovia Chief Executive Officer Kennedy Thompson said conditions are the 'toughest' in his 32-year career." December 13 - Financial Times (Norma Cohen): "The world's largest banks have around $212bn of assets at risk of default as a result of the severe contraction in lending on commercial property and the expected fall in real estate values, according to a new report from...Morgan Stanley. Sales of commercial real estate have ground to a halt in recent months, as lending markets have frozen and buyers disappeared. More>>
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M&T woes indicative of mortgage industry bust
M&T Bank Corp.'s depressed earnings because of the industry's underlying mortgage problems in 2007 surprised some investors when announced on Jan. 14. But instead of being unique to the Buffalo-based company, two experts say, it is representative of what many of the nation's 20 largest banks face while caught in the vise of a subprime mortgage meltdown, falling home values and rising defaults.
More financial services companies were scheduled to release earnings reports in the days following M&T's announcement, and many were expected to sound similar.
Wells Fargo & Co. on Jan. 15 said it ended 2007 with its lowest quarterly profit in six years - down 38 percent. Citigroup Inc., the nation's largest bank, announced on the same day as M&T that it lost almost $10 billion in the final three months of 2007, the largest quarterly deficit in its 196-year history. More>>
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Chamber has alternate plan to tax harmonization
Saskatoon business groups say there are other ways to improve the business tax climate without a general harmonization of the PST and GST. Greater Saskatoon Chamber of Commerce executive director Kent Smith-Windsor said the provincial government should take a good look at the options, especially one the local chamber first proposed in May 2007.
"We just need to stay focused on keeping our businesses competitive and harmonization was just one approach," he said Wednesday. "There's another alternative that we've got in place that we'll be promoting to the government."
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