US banks lose 'fifth' of their value
Deutsche Bank's Jain Says Crisis `By No Means Over' (Update2)
By Joyce Moullakis
July 3 (Bloomberg) -- Anshu Jain, head of global markets at Deutsche Bank AG, said the contagion triggered by the U.S. subprime mortgage collapse has erased more than a fifth of the banking industry's value and is ``by no means over.''
Jain, at a Euromoney conference in London, said the crisis ``has wiped out $200 billion,'' or about 22 percent of U.S. banks' so-called tangible equity. That impact is similar to the combined effect on the insurance industry of Hurricane Andrew, the Sept. 11 attacks and Hurricane Katrina, he said.
``This banks crisis is really at a point where it equals the three biggest crises faced by the insurance industry,'' said Jain, 45. ``It's by no means over.''
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By Joyce Moullakis
July 3 (Bloomberg) -- Anshu Jain, head of global markets at Deutsche Bank AG, said the contagion triggered by the U.S. subprime mortgage collapse has erased more than a fifth of the banking industry's value and is ``by no means over.''
Jain, at a Euromoney conference in London, said the crisis ``has wiped out $200 billion,'' or about 22 percent of U.S. banks' so-called tangible equity. That impact is similar to the combined effect on the insurance industry of Hurricane Andrew, the Sept. 11 attacks and Hurricane Katrina, he said.
``This banks crisis is really at a point where it equals the three biggest crises faced by the insurance industry,'' said Jain, 45. ``It's by no means over.''
--MORE--