"We are also deeply disappointed to have to take a further substantial write-down in our aluminum businesses, albeit in an industry that continues to experience significant adverse changes globally," Jan du Plessis, Rio Tinto's chairman, said in a statement.
In addition, it says it expects to take a further charge of $200 million for write-down of e-commerce investments and automotive-related ventures.
Shares of UBS, the biggest Swiss bank, fell the most in almost a decade on Monday amid concern that the lender might have to take further write-downs and after media reports suggested that it might cut as many as 8,000 jobs, raise more capital and sell its American brokerage business.
Feinberg acknowledged that it's unclear whether Merrill might have to take further write-downs.
Friday's elation has given way to caution, as investors await further details of the U.S. government's plans to buy $700.0 billion dollar of toxic assets from banks, amid uncertainty about the price at which the assets would be acquired and whether they would require the beleaguered banking sector to take even further write-downs.
Within the banking sector, initial reaction to the details of the U.S. government's plans to buy $700 billion of toxic assets from banks was muted, amid uncertainty about the price at which the assets would be acquired and whether they would require the banks to take further write-downs.
The banks, he said, will have to sell these assets at prices investors are willing to pay, and so must be prepared to take further write-downs.
The Swiss bank was forced to revalue to mismarked securities and take a $2.85 billion write-down.
Bear Stearns announced it plans to take a $1.2 billion write-down during the fourth quarter.
Regions Financial is going to take an even bigger write-down.
