Unveils another $9.4bn in credit related write downs and continues sale of assets
Wall Street giant Merrill Lynch reported a second quarter loss of $4.6bn.
Overall it said it had lost $4.95 per share compared with $2.24 per share last year.
It also unveiled another $9.4bn in credit related write downs. Adding that it was in active efforts to reduce risk through asset sales.
“With the transactions we announced today, we are bolstering our capital base and continue to move forward on our risk management and strategic growth initiatives.
John Thain, chairman and chief executive officer
Merrill continued to sell assets to raise capital, completing the sale of its 20 % stake in Bloomberg for $4.425bn, and confiming it was in discussions to sell a controlling interest in Financial Data Services, Inc. (FDS) for around $3.5bn.
John Thain, chairman and chief executive officer, said: ‘With the transactions we announced today, we are bolstering our capital base and continue to move forward on our risk management and strategic growth initiatives.’
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