Merrill Lynch takes $14.1 billion writedown
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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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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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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  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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(Corrects to show Merrill write-downs and adjustments totaled about $16 billion instead of $14.1 billion in paragraph 7.)
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NEW YORK -- The Dow Jones industrial average swept past 14,000 for the first time Tuesday, rising on a relatively mild inflation report and better-than-expected profit reports from blue chip names including Coca-Cola Co. and Merrill Lynch & Co.
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Business & money: Wall Street's biggest investment banks facing at least $10bn (Â£5.1bn) of fresh write-downs
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The move by Standard & Poorâs could force Merrill Lynch, CIBC and other investment banks to write down the value of securities they had bought insurance on by billions of dollars.
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Merrill Lynch reports a net loss for 2007 after it is caught up in problems from a slump in the US housing market.
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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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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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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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The Dow Jones industrial average closed above 14,000 for the first time on Thursday, only to fall back on Friday.
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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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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  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 Dow Jones Industrial Average of US blue chips traded above 14,000 for the first time on Tuesday as US stock investors took heart from unexpectedly strong earnings reports - notably from investment bank Merrill Lynch - and benign headline producer price inflation.