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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Shares in the bank, the second largest in China, fell 5.4 percent in Hong Kong a day after it reported holding almost $9.7 billion in securities backed by subprime mortgages.
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The Bank of China said Thursday that it held almost $9.7 billion of securities backed by American subprime loans, the most of any Asian company.
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Stocks dropped at the open on Friday, led lower by financial shares on fears that Merrill Lynch & Co  will incur mortgage-related losses of nearly twice what it forecast.
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Merrill Lynch  is expected to  suffer $15 billion in losses stemming from soured mortgage  investments, almost twice the company's original estimate, the  New York Times reported on Friday.
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The Securities and Exchange Commission is investigating matters related to Merrill Lynch & Co Inc's  subprime mortgage portfolio, the company said on Wednesday.
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Merrill Lynch & Co Inc on Thursday posted a quarterly loss of nearly $10 billion after writedowns and adjustments totaling about $16 billion as bad subprime mortgage bets forced the brokerage to sell stakes in the company to foreign investors to raise capital.
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Credit Suisse  reduced total  write-downs from the subprime crisis on Tuesday in dramatic  contrast to rising charges by rivals, and raked in billions of  new investments from wealthy clients.
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Merrill Lynch & Co Inc reported about $16 billion in mortgage-related write-downs and adjustments on Thursday in the worst quarter of the company's history.
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Merrill Lynch & Co Inc  on Thursday said it took a $14.1 billion writedown and adjustments in the fourth quarter as bad subprime mortgage bets forced the brokerage to sell pieces of the company to foreign investors to raise capital.
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Merrill Lynch & Co. said Tuesday that chairman and CEO Stanley O'Neal has left the firm, less than a week after it stunned Wall Street by revealing an $8 billion hit from a bet on subprime mortgages.
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Merrill Lynch & Co Inc  said on Monday that its subprime lender, First Franklin Financial, would cut an unspecified number of jobs, in another setback to the brokerage's $1.3 billion acquisition.
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Merrill Lynch, hit by huge subprime mortgage losses, said it would raise up to $6.2 billion in a private placement with Singaporeâs Temasek Holdings and Davis Selected Advisors.
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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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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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The stateâs top securities regulator accused Merrill Lynch on Friday of defrauding the city of Springfield with subprime-linked investments.
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Merrill Lynch & Co Inc on Thursday said it took a $14.1 billion write-down in the fourth quarter on bad subprime mortgage bets plus other charges that have forced the brokerage to sell pieces of the company to foreign investors to raise capital.