British banks to reveal impact of credit squeeze - The Finance Forums: Financial planning, debt help, loans, mortgages, retirement and 401k, investment, and general finance discussion forums

gilbertimlay · #1 (**permalink**) 01-10-2008, 10:17 AM

G'day to everyone

The credit squeeze has had an impact on banks in the US with many writing off tens of billions of dollars after the collapse in credit-related securities. Charles Prince, the chairman and chief executive of Citigroup, resigned recently as the bank said it may write off $11 billion of sub-prime mortgage losses, in addition to [...]

Thnx

ryan07 · #2 (**permalink**) 01-21-2008, 05:18 AM

Well shocking news thats really harsh the only thing is to give the people some kinda symphhty

khethi mkonza · #3 (**permalink**) 05-01-2008, 01:55 PM

Quote:

Originally Posted by gilbertimlay

G'day to everyone

The credit squeeze has had an impact on banks in the US with many writing off tens of billions of dollars after the collapse in credit-related securities. Charles Prince, the chairman and chief executive of Citigroup, resigned recently as the bank said it may write off $11 billion of sub-prime mortgage losses, in addition to [...]

Thnx

Hi! How do you think this will Impact other Global Countries i.e Africa?

Jerrydill · #4 (**permalink**) 05-22-2008, 09:06 PM

I believe if the U.S. and Africa are seriously affected then other countries will be affected as well. This is because many businesses are global, and therefore invest in other foreign companies. If one market is infected it is almost guarenteed that it will bleed over into other wealthy countries.