Read the Bills Act Coalition

Wednesday, April 16, 2008

Merrill Lynch will report $6 to $8 billion in new write-downs

From the Wall Street Journal

'Some 10 months after the mortgage hurricane made landfall, Merrill Lynch & Co. is still trying to dig out. On Thursday Merrill will report $6 billion to $8 billion in new write-downs, according to a person familiar with the matter. The latest would bring its total since October to more than $30 billion and mean that Merrill reports a third straight quarterly net loss, the longest losing streak in its 94-year history. Now the firm is readying a cost-saving plan that includes job cuts of 10% to 15% in some areas where business is off, such as bond finance.'

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