Merrill Lynch posted a nearly $10 billion fourth-quarter loss and wrote down $14.6 billion in soured mortgage debt and other loans. The New York-based brokerage posted a net loss of $9.8 billion

Bank of New York Mellon Corp. said Thursday its fourth-quarter profit dropped 68% from a year earlier as the company took charges on collateralized debt obligations and a conduit it sponsors

Citigroup saw an $18.1bn write-down of mortgage investments (announced yesterday)

HSBC has not reported but the report will not be pretty