¦
Advertisement
Global credit losses due to the current financial crisis in the United States could reach $1.2 trillion with half of the losses coming from Wall Street, Goldman Sachs economists said in a note to investors on Monday.
Goldman expects financial institutions, including banks, hedge funds and brokers, to see losses of $460 billion, $120 billion of which it calculates as already having been written off by firms worldwide. It predicts half to come from residential home loans and 15%-20% to come from commercial mortgages. The rest will come from credit card loans, car loans and commercial and industry lending.
