Credit Crisis Cost Tops $1 Trillion With Morgan Stanley’s Loss

Wachovia Corp., the bank that came within hours of collapse before agreeing to a takeover by Wells Fargo & Co., leads the losses having written down $96.5 billion, the data show. Citigroup Inc., the second-biggest U.S. bank by assets, posted writedowns of $67 billion, while UBS AG, with $48.6 billion of markdowns, is the European bank with the biggest losses.