Merrill writes down $7.9 bln of subprime bets
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Merrill Lynch & Co Inc  on Wednesday reported its first loss in six years after writing down $7.9 billion of bad bets on risky subprime mortgages and related securities.
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Investment bank Morgan Stanley says it has suffered a $3.7bn loss from its US sub-prime mortgage exposure.
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Citigroup expects a $15 billion fourth-quarter  write-down at Merrill Lynch & Co Inc  and said  CDO/subprime exposures will decline by 50 percent to 70 percent  in aggregate.
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Wall Street stocks endured a volatile session on Wednesday in which a $7.9bn writedown at Merrill Lynch revived worries about banks' exposure to risky investments.
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The brokerageâs $7.9 billion write down raised questions about Mr. OâNealâs leadership and the ability of his top executives to manage the risky assets on the firmâs balance sheet.
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Merrill Lynch announces better than expected results as investment banking offsets sub-prime mortgage problems.
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Merrill Lynch & Co Inc  shored up its capital base by as much as $7.5 billion after selling a stake to Singapore's government and an asset manager, and unloading much of a lending business, as it wrestles with huge subprime mortgage losses.
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Stock futures stayed in negative territory on Wednesday after briefly paring losses as Merrill Lynch & Co. Inc  reported its first quarterly net loss in nearly six years.
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Wall Street bonuses fell nearly 5 percent in 2007 after a relentless subprime mortgage crisis battered the stock market, forcing the country's biggest investment banks to write down billions in bad loans.
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Shares in the Bank of China dropped 5.4 percent on Friday after it disclosed that it held nearly $9.7 billion in securities backed by subprime mortgages.
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Shares of KeyCorp  fell as much  as 7 percent on Wednesday after an RBC Capital Markets analyst  downgraded the stock to "underperform" from "sector perform,"  citing expected write-downs tied to residential construction  loans and commercial real estate.
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Much of the brokerage firmâs $7.9 billion write-down was tied to problems in the subprime mortgage market.
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Shares of KeyCorp  fell as much as 7 percent on Wednesday after an RBC Capital Markets analyst downgraded the stock to "underperform" from "sector perform," citing expected write-downs tied to residential construction loans and commercial real estate.
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Morgan Stanley posted its first quarterly loss after taking an additional $5.7 billion write-down related to subprime mortgages, and said it would sell a $5 billion stake to Chinaâs sovereign wealth fund.
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Morgan Stanley  on Wednesday said it has suffered a $3.7 billion loss stemming from its U.S. subprime mortgage exposure, which it expects will reduce fourth-quarter earnings by about $2.5 billion.
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Citigroup wrote off a colossal $18.1  billion on Tuesday and secured new capital as Merrill Lynch,  also seen heading for big losses due to the U.S. subprime  mortgage meltdown, announced a $6.6 billion shot in the arm.
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Morgan Stanley, the No. 2 U.S. investment bank, reported a $9.4 billion writedown on Wednesday from bad bets on mortgage-related debt, leading it to take a $5 billion infusion from an arm of the Chinese government