Merrill Lynch reports record loss
Published October 24, 2007 by CSBJ Staff
Merrill Lynch & Co. reported the biggest quarterly loss in its 93-year history after $8.4 billion worth of writedowns.
The third-quarter loss of $2.24 billion, or $2.82 a share, was about six times higher than the New York-based company estimation on Oct. 5.
Merrill Lynch wrote down the value of subprime mortgages, asset-backed bonds and loans to finance leveraged buyouts.
Chief Executive Officer Stanley O’Neal said in a statement today that the company expects market conditions for subprime mortgage-related assets to continue to be uncertain and that it’s working to resolve the remaining impact.
Merrill Lynch fell sharply in trading this morning on the New York Stock Exchange.
Filed under Banking and Finance, CSBJ Daily