Consultant McKinsey predicts in a new report that credit crisis-related losses for US financial institutions will ultimately total between $1.7 trillion (€1.3 trillion) and $2.2 trillion. The deepening crisis for financials will be in contrast to other sectors that are better suited to ride out the recession.

US financial institutions have incurred close to $1 trillion in credit losses to this point, said the report, though eventual losses may range from $1.3 trillion to, at worst, $3.1 trillion.