Thursday, April 23, 2009

IMF: U.S. banks halfway thru write-offs

Here's the IMF stability report, which estimates that U.S., European and Japanese financial sectors face losses of $4.1 trillion between 2007 and 2010. The fund says the banks are about halfway through writing off what they will need to. And it says U.S. and European banks will need to raise $875 billion in capital by next year to get back to where they were before the financial crisis.