Merrill Lynch -ed
Merrill Lynch, #1 brokerage, #3 securities firm, posted its 3rd straight quarterly loss ($2 billion vs profit of $2 billion a year ago),
and said it planned to cut 2,900 jobs after recording more than $9.5 billion in write-downs and losses. Net profit declined 69% with...
losses, write-downs and reserve increases of $1.5 billion on collateralized debt obligations, $925 million on loans financing leveraged buyouts,
$3.5 billion on an investment portfolio, more than $800 million on residential mortgages, and $3 billion for exposure to bond insurers.
Moody's Investor Service is reviewing Merrill's A1 rating for a downgrade.
Merrill's long-term rating may be cut due to deteriorating conditions in the mortgage market and more expected losses.
Fitch Ratings affirmed Merrill's negative outlook.
Merrill owns 49.8% of BlackRock, the biggest publicly traded U.S. fund company, which also had a huge miss yesterday.
and said it planned to cut 2,900 jobs after recording more than $9.5 billion in write-downs and losses. Net profit declined 69% with...
losses, write-downs and reserve increases of $1.5 billion on collateralized debt obligations, $925 million on loans financing leveraged buyouts,
$3.5 billion on an investment portfolio, more than $800 million on residential mortgages, and $3 billion for exposure to bond insurers.
Moody's Investor Service is reviewing Merrill's A1 rating for a downgrade.
Merrill's long-term rating may be cut due to deteriorating conditions in the mortgage market and more expected losses.
Fitch Ratings affirmed Merrill's negative outlook.
Merrill owns 49.8% of BlackRock, the biggest publicly traded U.S. fund company, which also had a huge miss yesterday.
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