Sunday 22 November 2009

My Spectator

 

Jobs at Telegraph

Thursday, 25th October 2007

How will Merrill cut its loses?

1:00pm

Will 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?

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