Banks reveal further subprime wounds

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Investment banks in both Europe and the US continued to report sizeable write-downs in November, with some having to revise loss estimates upwards following continued weakness in the collateralised debt obligation (CDO) and asset-backed securities (ABS) markets.

On November 7, Morgan Stanley announced a loss of $3.7 billion for September and October alone due to its exposure to CDOs of ABSs and residential mortgage-backed securities (RMBSs). With a month to go until the end of its financial year

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