October 1, 2007: Swiss bank UBS world's biggest bank announced losses of $3.4 billion from sub-prime related investments. Later investment bank chairman and chief executive officer Huw Jenkins stepped down.
Citigroup unveils a sub-prime related loss of $3.1 billion. Two weeks later Citigroup is forced to write down a further $5.9 billion. Within six months, its losses stand at a whopping $40 billion. On November 5, its chief executive and chairman Charles Prince resigned.
On October 3, Sensex nears 18K, ends up 561 points. The NSE Nifty ended at 5211, up 142 points
October 5, 2007: Investment bank Merrill Lynch reveals $5.6 billion sub-prime losses. On October 30, Merrill Lynch chief Stan O'Neal resigned.
Next day, the Sensex ended with a loss of 282 points at 17,491.
November 9, 2007: US's fourth largest lender Wachovia revealed a $1.1 billion loss due to decline in value of its mortgage debt plus $600m to cover loan losses (total $1.7 billion).
Sensex ends down 171 points.
November 12, 2007: The three biggest US banking groups -- Citigroup, Bank of America and JPMorganChase -- agree to a $75 billion superfund to restore confidence to credit markets.
November 13, 2007: Bank of America writes off $3 billion in sub-prime losses.
Sensex bounced back and ended up nearly 300 points.
Image: Merrill Lynch office in Singapore | Photograph: Roslan Rahman/AFP/Getty Images
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