Bank write-downs are expected to total approximately $37.4 billion for 1Q08, according to a research note from Meredith Whitney at Oppenheimer & Co.

The bulk of the write-downs would occur at Citigroup, which is expected to take a loss of $13.1 billion overall with $9 billion in CDO exposure, $1.97 billion in CMBS and $2.2 billion in leveraged loans.

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