Combined group net losses at major financial institutions are believed to have exceeded ¥4 trillion in fiscal 2008, the highest in six years, according to their earnings results and forecasts.
Net losses at major banks, securities firms and nonlife insurance companies for the year that ended March 31 are estimated at ¥3.2 trillion, according to financial institutions' reports compiled earlier this week. Including losses at life insurers, which have yet to release results or forecasts, the amount is expected to rise to ¥4 trillion.
This would represent the worst losses since major banks logged combined net losses of more than ¥4.6 trillion in fiscal 2002 due to the disposal of bad loans.