Merrill Lynch Posts a $9.8 Billion Loss
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The staggering losses, the worst in the firmâs history, were fueled by write-downs totaling $16.7 billion.
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Washington Mutual Inc , the largest U.S. savings and loan, posted a $1.87 billion fourth-quarter loss on Thursday, its first quarterly loss in more than a decade, battered by mortgage defaults and write-downs.
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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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The bigger-than-expected write-down of its mortgage portfolio led to a quarterly loss of $859 million, the bank said.
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Merrill Lynch & Co Inc   reported about $16 billion in mortgage-related writedowns and  adjustments on Thursday in the worst quarter of the company's  history.
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Merrill Lynch & Co. MER.N on Tuesday  said third-quarter profit fell 8 percent, hurt by reduced  investment banking and trading.
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NEW YORK -- Merrill Lynch &amp; Co. will proceed with a plan to sell about $800 million of bonds from a money-losing hedge fund run by Bear Stearns Cos. , a day after delaying a similar auction, people with knowledge of the offering said.
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Stocks dropped sharply on Wednesday as a steep quarterly loss at Merrill Lynch & Co. Inc.  and executives' warnings about possible future problems suggested the worst of the credit crisis may not be over.
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(Corrects to show Merrill write-downs and adjustments  totaled about $16 billion instead of $14.1 billion in paragraph  7.)
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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 &amp; Co. (MER.N: Quote, Profile, Research) on Tuesday said third-quarter profit fell 8 percent, hurt by reduced investment banking and trading.
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The company, which owns the Jones New York, Anne Klein and Nine West shoe and apparel brands, posted a fourth-quarter net loss of $89.8 million, or $1.06 a share.
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Weak manufacturing data and massive losses at Merrill Lynch send US shares tumbling sharply lower.
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Merrill Lynch & Company said today third-quarter profit fell 8 percent, hurt by reduced investment banking and trading.
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Quarterly losses narrowed to $59 million, or 16 cents per share, from $139 million, or 43 cents per share, a year ago. Excluding about $63 million in restructuring, transformation and integration costs, the
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Countrywide Financial Corp , the battered mortgage lender being acquired by Bank of America Corp , posted a $421.9 million fourth-quarter loss on Tuesday, hurt by mounting defaults in a sinking housing market.
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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.