US banks Citigroup, Merrill Lynch and Morgan Stanley have been hit the hardest with over $40 billion of writedowns.
Analysts are predicting that the market is not yet near to reaching the end of the crisis and Mondher Bettaieb-Loriot from Swisscanto Asset Management in Zurich, said: "There are more losses to be taken and there's more negative news to come. At some point it will be a buying opportunity but we're not there yet."
Mike Mayo, analyst at Deutsche Bank, expects writedowns at HSBC, UBS AG, Royal Bank of Scotland (RBS), and Barclays to reach about $5 billion each.
Reported by Bloomberg, Mr Mayo said that borrowers on sub-prime mortgages are likely to default on 30 to 40 per cent of their debts.
He estimates that bankers will have to write off about $70 billion this year and the news comes before Deutsche Bank's conference on sub-prime debt.