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WEDNESDAY, NOVEMBER 25, 2009
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 EARNINGS REPORTS 
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Citi Losses Less than Expected; Merrill Drops $5B

Third quarter earnings show recovering bank, struggling brokerage

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(Newser) – A pair of earnings reports from Citigroup and Merrill Lynch for the third quarter shows just how deeply wounded the big brokerage is, while painting a slightly brighter picture for the big bank, reports Bloomberg. Citi, the nation’s largest bank, beat analyst expectations with a net loss of $2.8 billion; Merrill, bought by Bank of America in September, lost $5.2 billion.

"Every indication that we've had so far from companies that have pre-released earnings just shows that the third quarter was much worse than the second quarter,'' an analyst tells Bloomberg. "There was a much more significant pullback in the third quarter.''

Merrill Lynch headquarters is shown Monday, Sept. 15, 2008 in New York.
Merrill Lynch headquarters is shown Monday, Sept. 15, 2008 in New York.   (AP Photo/Mark Lennihan)
People arrive at the Merrill Lynch building on a rainy morning.
People arrive at the Merrill Lynch building on a rainy morning.   (AP Photo/Brian McDermott)
A Citibank is shown in Mountain View, Calif., Friday, Oct. 3, 2008.
A Citibank is shown in Mountain View, Calif., Friday, Oct. 3, 2008.   (AP Photo/Paul Sakuma)
Pedestrians walk near a Citibank branch located in the Citigroup corporate headquarters Monday, Sept. 29, 2008 on Park Ave. in New York.
Pedestrians walk near a Citibank branch located in the Citigroup corporate headquarters Monday, Sept. 29, 2008 on Park Ave. in New York.   (AP Photo/Craig Ruttle)
In this undated file photo provided by Citigroup Inc., CEO Vikram Pandit is shown.
In this undated file photo provided by Citigroup Inc., CEO Vikram Pandit is shown.   (AP Photo/Citigroup, file)
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