Merrill 3Q roiled by mortgage crisis
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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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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.
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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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Wall Street pulled back sharply after an unexpected contraction in the service sector rekindled investorsâ worry that the economy is headed for recession.
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Stocks fell for a third straight session on Friday as concern over rising defaults in the subprime mortgage industry sent financial services shares for their worst drop in a month.
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Merrill Lynch also took a write-down of more than $14 billion as subprime mortgage woes took another bite out of its balance sheet.
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Merrill Lynch assuaged concern of a looming credit crisis and the latest government report on the economy showed growth was accelerating.
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J.P. Morgan Chase & Company, the nation's second-largest bank, surprised Wall Street today with a sharp drop in third-quarter earnings.
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Stocks closed down for a third session on Tuesday as higher bond yields raised concerns about borrowing costs and more fallout from the subprime mortgage market kept investors on edge.
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How should investors read the huge losses that Merrill may be taking?
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Stocks tumbled on Wednesday as a steep quarterly loss at Merrill Lynch & Co. Inc.  and executives' warnings about possible future problems deepened investors' concern about the credit crisis.
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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  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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Merrill Lynch & Co  warned on  Friday that shaky credit markets forced the world&#39;s largest  brokerage to adjust the value of securities linked to risky  subprime mortgages and other products, in a move that could  hurt third-quarter profit.
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The debacle in mortgage lending that spurred wild daily swings in the markets has tripped up many hedge funds.
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Merrill Lynch & Co.  on Tuesday said third-quarter profit fell 8 percent, hurt by reduced investment banking and trading.
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Citigroup Inc  and Merrill Lynch  & Co Inc  said they raised another $20 billion of  capital from investors in Asia, the Middle East, and elsewhere,  as the subprime mortgage crisis forced additional massive asset  write-downs and devoured more of banks' capital.