In recent days, the faceless bankers who work in the Treasury departments of some of the world’s largest banks have started to get uneasy as it has become clear that the summer credit crisis is far from over.

The angst stems from expectations among investors and banking analysts that more red ink from financials is inevitable. As banks face having to write down further securities, derivatives and credit structures that reference the deteriorating US mortgage market, many fear a protracted period of stress for the financial system.