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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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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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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NEW YORK -- The U.S. stock market Thursday sustained its worst damage this year as major banks announced they were writing off billions of dollars in additional bad debt and signs emerged of even more trouble ahead for the financial and manufacturing sectors.
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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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Citigroup will write down $18.1 billion because of soured mortgage-related investments, cut its stock dividend and sell another stake to foreign investors.
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Futures on benchmark equity indexes were in the red before Wall Street's opening on Wednesday, with eyes on Merrill Lynch  after media reports of bigger write-downs than the brokerage has flagged.
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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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Merrill Lynch confirms that it has sold shares worth $4.4bn (Â£2.2bn) to the Singapore's investment arm.
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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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Merrill Lynch posted a loss of nearly $10 billion in connection with soured mortgage investments.
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Merrill Lynchâs announcement of a $6.2 billion investment set off a small rally in financial shares.
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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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Credit Suisse  trimmed its full-year write-downs linked to the subprime crisis to 2.0 billion Swiss francs ($1.82 billion) on Tuesday in contrast to rivals hits by rising charges and raked in billions in new investments from wealthy clients.
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Merrill Lynchâs stock plummeted after it took a $16.7 billion write-down and had a $9.8 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.
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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.