by Calculated Risk on 4/01/2008 07:38:00 AM

From the WSJ: Deutsche Bank Faces Writedowns Of About $3.95 Billion

Germany's largest bank by market value issued a statement before market opening stating that "conditions have become significantly more challenging during the last few weeks."

"Reflecting this environment," the Frankfurt-based bank expects around [$3.95 billion] in write-downs in the first quarter 2008 related to "leveraged loans and loan commitments, commercial real estate, and residential mortgage-backed securities (principally Alt-A)."

The write-downs were across the board - we are all subprime now - but perhaps even more concerning was the comment that "conditions have become significantly more challenging during the last few weeks". Ouch.