US banks actually lost $32.1B, not $26.2B in 4Q

Federal regulators said on Friday that US banks lost $32.1 billion in the final quarter of last year, even worse than the $26.2 billion originally reported last month. The Federal Deposit Insurance Corp. said that "significant" revisions it received from banks also lowered the industry's net income for all of last year to $10.2 billion from $16.1 billion. Rising losses on loans and eroding values of assets bit into the revenue of US banks and thrifts in late 2008, causing them to post the first quarterly deficit in 18 years.