A Loss and a Larger Write-Down at Merrill
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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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NEW YORK - Merrill Lynch &amp; Co. yesterday took a $7.9 billion writedown because of the summer's credit crisis, a bigger-than-expected amount that raised the specter of more trouble ahead from risky home loans.
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Merrill Lynch & Co. on Wednesday took a $7.9 billion writedown because of the summer's credit crisis, a bigger-than-expected amount that raised the specter of more trouble ahead from risky home loans.
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Quarterly profit fell a much larger-than-expected 32 percent, hurt by mounting credit losses and poor trading results in the bankâs investment banking unit.
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Driving the companyâs loss, which amounts to $31.85 a share, was a $5.21 billion write-down on its portfolio of credit derivatives.
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Merrill Lynch & Co., the biggest U.S. brokerage, on Tuesday said quarterly profit fell slightly amid sharply higher expenses, but its shares rose as a 21 percent jump in revenue helped the firm beat expectations.
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A second look at the bumper earnings from Merrill Lynch.
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Merrill Lynch & Co Inc's  move to accelerate vesting on previously awarded stock-based pay to employees could add to the huge fourth-quarter loss already expected by analysts.
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Merrill Lynch & Co Inc  on Wednesday reported $7.9 billion in write-downs for the third-quarter as shaky risk management and bad bets on mortgages and leveraged loans for corporate takeovers triggered the company's first loss in six years.
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Once Wall Street stalwarts, the future of Merrill Lynch and Morgan Stanley are now being questioned - a sign of the broad changes in the financial landscape in recent years.
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Merrill Lynch & Co Inc  on  Wednesday reported $7.9 billion in write-downs for the  third-quarter -- triggering its first loss in six years -- as  the company was burned by lax risk management and bad bets on  mortgages and leveraged loans for corporate takeovers.
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Brokerage Merrill Lynch announces its first quarterly loss in six years, as it is hit by exposure to the sub-prime market.
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Merrill Lynch posted a loss of nearly $10 billion in connection with soured mortgage investments.
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Profit at Merrill Lynch & Co. Inc.   could take a big hit if the U.S. brokerage heavyweight  cuts the value on nearly $1 billion in subprime lender assets  it bought just eight months ago.
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Brokerage announces weaker-than-expected results dragged lower by a writedown in the value of some of its assets.
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Citigroup and Merrill Lynch each announced outside investments to shore up their ravaged balance sheets as Citigroup revealed a $18.1 billion write-down and a $9.83 billion fourth-quarter loss.
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Merrill Lynch said today it has devalued its collection of mortgage-backed assets by $7.9 billion, far more than the company estimated only three weeks ago and a sign that the financial industry still may not have a full grip on problems related to risky, subprime loans.