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Lehman crisis hits Asian bank shares
11.09.08
The Lehman Brothers crisis reaped more havoc on global banking stocks today with Asian shares being particularly hard hit.
Japan's biggest lenders, Mitsubishi UFJ and Mizuho Financial, both fell a further 5% amid concerns about their exposure to US credit markets.
Analysts cited disappointment at the lack of concrete deals or fund raisings in Lehman's so-called recovery plan yesterday.
Meredith Whitney, probably America's most highly regarded banking analyst, today upped her forecasts of Lehman's likely losses for the year.
She said it still faces challenges to its profits and further write downs.
