US Banks writeoffs to continue
UBS has estimated that for the latest second quarter of 2008, citi group has to write off close to 9 billion dollars, Merrill Lynch has to write off 5 billion dollars, and JPMorgan Chase has to write off around 2 billion dollars. The report says that these write offs will be necessary due to the bad quality loans and investment portfolio write downs in their portfolio. This can definitely have a big negative impact on fund flow into emerging markets for some more time.