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Thursday, January 15, 2009


marshall & ilsley: devastating q4

via calculated risk -- looks like the C&I loss engine has fired to life.

In a bad sign for other regional banks, Marshall & Ilsley Corp said it was slashing its dividend and cutting its workforce and posted a surprising fourth-quarter loss as bad loans surged.
In the fourth quarter, Marshall & Ilsley increased the amount set aside for bad loans to $850.4 million from $235.1 million, as commercial and construction loan losses surged, especially among residential developers and in the states of Arizona and Florida. Net charge-offs more than tripled to $679.8 million.

"The nation's current recessionary climate is unlike any we have experienced," Chief Executive Mark Furlong said in a letter to shareholders.

CRE is a problem not only for the regionals but, of the big banks, particularly JPM and much of the insurance industry as well (standing out, life insurers). there is a lot of desperate capital raising still to come.

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