More write-downs seen for European banks

European banks will face another 17.6 billion euros ($27.7 billion) in write-downs stemming from leveraged loans and the subprime-mortgage crisis, according to JPMorgan Chase & Co. of New York.

The new estimate is an increase from the firm’s original estimate of 13 billion euros ($20.3 billion), Bloomberg News reported.

Deutsche Bank AG of Frankfurt, Germany, may write down another $7.7 billion, and UBS AG of Zurich, Switzerland, may mark down another $6.3 billion, JPMorgan said.

The write-downs stemming from the credit crisis have now reached a total of $467 billion worldwide.

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