How will Merrill cut its loses?
1:00pmWill Merrill Lynch, the US investment bank, cash in its $4bn, 20% stake in financial information company Bloomberg after staggering losses on sub-prime mortgages? The bank said it is looking at disposals after posting a $3.5bn net loss for the third quarter. The loss was struck after $8.4bn of write-downs on sub-prime and other asset-backed securities, equal to 20 per cent of Merrill’s equity capital. Moody’s cut its rating of Merrill debt to A-plus. Time for a change of management?
Be the first to comment on this article!
Back to top