Merrill Lynch Posts Steep Q1 Loss

Merrill Lynch today posted nearly $2 billion in losses in the first quarter, after taking another $9 billion in writeoffs, the Wall Street Journal reports. In its third straight quarterly loss, Merrill was in the red $1.96 billion, or $2.19 a share, compared to earning $2.16 billion, or $2.26 a share a year ago. The company said it will cut about 3,000 jobs.

The new round of Merrill writeoffs includes $1.5 billion in CDOs, $3.5 billion in residential mortgage-backed securities, $925 million on leveraged loans and $3 billion on hedges with financial guarantors. Citi, BofA and Countrywide are up next. (More Merrill Lynch stories.)