SUBPRIME D-DAY: Chronology of events:
FACTBOX-Subprime crisis affects banks worldwide
(Reuters) - The resignation of Citigroup CEO Charles Prince after the bank said it might suffer billions of dollars in writedowns for subprime losses has spooked financial markets.
Here is a list of some of the banks around the world that have been affected by the turmoil:
February 8, 2007 - HSBC - Europe's biggest bank HSBC Holdings blames soured U.S. subprime loans for its first-ever profit warning in February. On September 21, it announced the closure of its U.S. subprime unit, Decision One Mortgage, and records an impairment charge of about $880 million (423 million pounds).
April 2 - NEW CENTURY - The U.S. subprime lender files for Chapter 11 bankruptcy protection in the biggest collapse of a mortgage lender in the U.S. housing downturn.
July - IKB & SACHSENLB - Two banks in Germany, IKB and state bank SachsenLB suffer exposure by investing in the U.S. subprime market. The German banking industry bails out IKB but SachsenLB almost goes under and is quickly sold to state-backed Landesbank Baden-Wuerttemberg (LBBW).
August 9 - BNP PARIBAS - The French bank bars investors from redeeming cash in $2.2 billion worth of funds, telling the markets it is unable to calculate the value of the three funds due to turmoil in the subprime market.
August 9 - NIBC - The Dutch merchant bank discloses 137 million euros (95.1 million pounds) of losses on U.S. asset-backed securities in the first half, and shelves plans for an initial public offering indefinitely.
September 13 - NORTHERN ROCK - The mortgage lender experiences a bank run following a credit crunch sparked by the subprime crisis. The Bank of England steps in to rescue it.
October 1 - CREDIT SUISSE says its results will be "adversely impacted" by the market turmoil but it will remain profitable in the third quarter of 2007.
October 15 - CITIGROUP, the largest U.S. bank by market value, says third-quarter profit fell 57 percent due to losses, with net income down to $2.38 billion from $5.51 billion a year earlier.
October 19 - WACHOVIA - The fourth-largest U.S. bank posts a 10 percent decline in third-quarter profit, to $1.69 billion from $1.88 billion a year earlier, having suffered $1.3 billion of write-downs resulting from credit market turmoil.
October 24 - MERRILL LYNCH stuns Wall Street reporting the biggest quarterly loss in its history after writing down $8.4 billion, mostly from bad investments related to risky subprime mortgages.
October 26 - COUNTRYWIDE - U.S. mortgage lender Countrywide Financial Corp posts a $1.2 billion third-quarter loss after writing down $1 billion in subprime-lending losses.
October 29 - MITSUBISHI UFJ FINANCIAL GROUP, Japan's largest bank, says it would write down the value of subprime-related investments by as much as 30 billion yen (126 million pounds) -- six times more than previously announced.
October 30 - UBS - Swiss bank UBS reports a third-quarter pre-tax loss of 726 million Swiss francs ($624.8 million) after it took a charge of 4.2 billion francs on subprime-related losses in its fixed income investments.
November 4 - CITIGROUP says it may write off $8 to $11 billion of subprime mortgage losses, on top of a $6.5 billion write-down in its third quarter.
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