Investment losses at the $21 billion Western Corporate Federal Credit Union are "substantially greater" than originally projected by Clayton Holdings earlier in the year, Chief Investment Officer Joe DiMichele told members in yesterday's Webcast.
Clayton's updated September projections anticipate WesCorp will write off $40 million for the month of December and another $65 million in January 2010. Those figures are roughly double what Clayton originally projected back in March.
Cumulatively, the new figures increase WesCorp's estimated actual losses to more than $2.5 billion by Dec. 31, 2010. Clayton had originally only estimated about $1.6 billion in actual losses by that time.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
