So we have all the main expected players having reported in Canada now, with a projection on National Bank. As predicted it exceeds $2bn. There has been nothing like this since in size since the 80’s real estate losses, which were driven by high interest rates. This situation in 2007, however is driven purely by bad lending practices, and risk assessment.
- RBC $ 360M
- CIBC $ 753M (includes write down from 2nd Qtr)
- BMO $ 320M
- BNS $ 190M
- National $ 500M (projected)
$2,123M
Other significant losses include the Natural gas commodity speculation
$700M (BMO). Note the Banks are able to mask these losses
somewhat, with expected one time gains in the areas of Visa and MasterCard.
reportonbusiness.com: BMO takes $320-million in debt writedowns
Bank of Montreal said it will take pretax writedowns of about $320-million in the fourth quarter as a result of its exposure to complicated credit products ranging from asset-backed commercial paper to structured investment vehicles.
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Bankwatch 
Interesting that TD is not on this list (yet) though their stock is nonetheless off by $10 in recent weeks.
700M loss in commodity speculation amazes me
As does CIBC’s gigantic writedown. How is that de-risking of the bank going there McCaughey? I can’t believe what shareholders put up with and the core banking management. For every dollar of spectacularly consistent earnings the retail bank earns every year, the investment bank finds a way every few years finds a way to shoot themselves in the head. Why is this one company?
Time for canadian banks to spin off their wealth management arms from the retail. These two very different beta’s don’t belong under the same ticker.