July 2 (Bloomberg) -- European banks won't need to raise capital in the coming months because credit-related writedowns have peaked, JPMorgan Chase & Co. said.

Zurich-based UBS AG may still need to write down 5.1 billion francs ($5.01 billion) and Credit Suisse Group AG may mark down 2.1 billion francs, analysts led by Kian Abouhossein wrote in a note to clients today. France's Societe Generale SA and Natixis may mark down 1.9 billion euros ($3 billion) and 1.4 billion euros respectively, he said.

UBS and Frankfurt-based Deutsche Bank AG both said today they won't need to raise capital. Europe's banks have raised $147 billion since the credit crunch began in July last year as losses and writedowns climbed to $204 billion, according to data compiled by Bloomberg.

``The worst of the markdowns seems to be over,'' London- based Abouhossein wrote. ``We do not believe that further capital raising is needed at this point.''

Opportunities to raise cash are ``closed until September unless banks are willing to issue highly dilutive discounted capital over the summer,'' Abouhossein added.

Banks may still have to cut their number of employees by 13 percent as the credit crunch trims investment banking revenue in the second half, the analysts said. European banks have so far shown ``unwillingness'' to cut jobs, they added.

To contact the reporter on this story: Poppy Trowbridge in London at ptrowbridge@bloomberg.net

Last Updated: July 2, 2008 03:49 EDT