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Started by H Needles; Last updated Jan 28, 08 3:44 PM CST by K Schwartz | View history

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Merrill Lynch

"Having lost all that financial capital, the risk for Merrill is that its most valuable human capital - those execs untainted by sub-prime - will flee." -Robert Peston

Merrill Lynch, the nation's largest broker and the latest big-name in the financial services industry to be hit hard by the subprime mortgage crisis, reported a fourth-quarter 2007 loss of $9.8 billion. That's $12.01 a share, nearly triple the per-share loss most analysts predicted.

Stories

Stories 21 - 40 of 49

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  • December 2007

    • Markets Rally After Early Swoon

      Wall Street Journal  |  Dec 13, 07 3:43 PM CST

      Markets Rally After Early Swoon

      (Newser) - Thanks to two pieces of unexpectedly good news today, the markets erased early losses, the Dow climbing 44.06 to 13,517.96 after dipping to almost 13,350 this morning. Retail sales in November increased 1.2%, twice what watchers had estimated. And wholesale prices had their biggest one-month jump since 1973, a 3.2% rise nearly doubling estimates, the Journal reports. Both numbers suggested economic strength. More »

    • Stocks Even to Close Week

      MarketWatch  |  Dec 7, 07 3:50 PM CST

      Stocks Even to Close Week

      (Newser) - The markets ended mostly even today as mixed data and anticipation of next week’s Fed meeting kept investors cautious. Given the suspense over a potential rate cut, “who is going to make a big bet now?” asked one strategist. The Dow closed up 5.69 at 13,625.58, the Nasdaq fell 2.87 to 2,706.16, and the S&P 500 dropped 2.68 to 1,504.66. More »

    • NY Subpoenas Wall Street Heavies in Subprime Probe

      Wall Street Journal  |  Dec 5, 07 10:42 AM CST

      NY Subpoenas Wall Street Heavies in Subprime Probe

      (Newser) - Several high-profile Wall Street firms that packaged and sold subprime mortgages have been subpoenaed by New York prosecutors, the Wall Street Journal reports today. Merrill Lynch, Bear Stearns, and Deutsche Bank—among others—will be asked to explain how the offerings were reviewed before they were sold to investors, and what relationship the firms had with credit-rating services. More »

    • Financials Drag Dow Down

      Bloomberg  |  Dec 3, 07 3:38 PM CST

      Financials Drag Dow Down

      (Newser) - Bad news in the financial sector today meant the first bearish day for the market in five sessions, as Deutsche Bank’s negative prediction for fourth-quarter earnings pushed Morgan Stanley, Merrill Lynch, and Lehman Brothers downward. The Dow fell 57.15 to 13,314.57, the Nasdaq slid 23.83 to 2,637.13, and the S&P 500 lost 8.72 to close at 1,472.42. More »

  • November 2007

    • The 'R-Word' Surfaces on Wall Street

      Washington Post  |  Nov 27, 07 12:38 PM CST

      The 'R-Word' Surfaces on Wall Street

      (Newser) - Wall Street has the recession jitters: Markets are down 10% since October, the S&P 500 is down as analysts predict depressed earnings, and T-bills are down on anticipated Fed rate cuts. But there’s a flip side: Holiday sales gained 8.3% over 2006, unemployment is at 4.7%, and a slowdown doesn’t mean recession, reports the Washington Post. More »

    • Citigroup Leads Steep Nosedive

      Wall Street Journal  |  Nov 19, 07 3:48 PM CST

      Citigroup Leads Steep Nosedive

      (Newser) - Stocks fell today—the Dow by more than 200 points—after a Goldman analyst downgraded Citigroup to "sell" in the morning, setting off a skid. The same analyst lowered target prices on Merrill Lynch, Morgan Stanley, and several other stocks, which fell by over 2%, the Journal reports. The Dow was down 218.35 to 12,958.44, the Nasdaq 43.86 to 2,593.38, and the S&P 500 25.47 to 1,433.27. More »

    • Goldman Leads Wall Street Bonus War

      Bloomberg  |  Nov 19, 07 11:56 AM CST

      Goldman Leads Wall Street Bonus War

      (Newser) - The Big Five Wall Street securities firms will pay $38 billion in bonuses this year—up from $36 billion last year—while shareholders tote up $74 billion in losses, their worst year since 2002, Bloomberg reports. All but Goldman Sachs lost more than 20% of their market value, says an analyst, but "they're all going to have to fall into line. If Bear and Merrill plead poverty, they're going to lose all of their good people.'' More »

    • Banks' Borrowing Rates Climb

      Bloomberg  |  Nov 16, 07 1:57 PM CST

      Banks' Borrowing Rates Climb

      (Newser) - Financial institutions are paying more to borrow money than the average company for the first time in over a decade, reports Bloomberg, as investors fear the $50 billion in subprime losses the big banks have reported so far is just the tip of the iceberg. “We've only seen the estimates of the losses,'' said one analyst, adding that the credibility of banks and brokers is in question. More »

    • In Thain, Merrill Picks CEO as Risk Manager

      Wall Street Journal  |  Nov 15, 07 4:24 AM CST

      In Thain, Merrill Picks CEO as Risk Manager

      (Newser) - The choice of NYSE's John Thain as Merrill Lynch's new CEO signals a focus on a new kind of manager for the financial giant, the Wall Street Journal observes: a strong risk manager. A low-key, detail-oriented veteran, Thain resembles the top execs of the firms least damaged by the subprime mortgage collapse, the paper notes: "They aren't risk-averse but they have a deep understanding of risk and have the battle scars to prove it." More »

    • Niederauer Will Succeed Thain at Big Board

      Wall Street Journal  |  Nov 14, 07 4:06 PM CST

      Niederauer Will Succeed Thain at Big Board

      (Newser) - Duncan Niederaurer, current co-COO and president of the New York Stock Exchange, is poised to replace John Thain as CEO of the Big Board, reports the Wall Street Journal .  Thain is expected to be named CEO of Merrill Lynch, replacing the departing Stan O'Neal. NYSE is expected to make an announcement later today. More »

    • John Thain to Be Merrill CEO

      Wall Street Journal  |  Nov 14, 07 12:18 PM CST

      John Thain to Be Merrill CEO

      (Newser) - Merrill Lynch will name NYSE chief John Thain as its CEO as soon as today, an insider tells the Wall Street Journal . The former Goldman Sachs president, on Merrill’s shortlist since Stan O'Neal was shown the door two weeks ago, was also under consideration for Citigroup’s top post. The move comes as something of a surprise, as Wall Streeters had focused attention on BlackRock CEO Larry Fink. More »

    • Street Foresees Very Good Year

      Bloomberg  |  Nov 13, 07 12:44 PM CST

      Street Foresees Very Good Year

      (Newser) - Despite $45 billion in subprime writedowns, rolling CEO heads, and an $84 billion drop in market value, Wall Street will somehow post its second-most-profitable year ever, reports Bloomberg. “As the bombs are dropping and the mines are exploding, it's a bit of a surprise,'' said an investment banker. Goldman Sachs and Lehman Brothers will record their best years ever. More »

    • Black Fortune 500 CEOs in Short Supply

      Associated Press  |  Nov 6, 07 9:03 AM CST

      Black Fortune 500 CEOs in Short Supply

      (Newser) - The departure of Dick Parsons from Time Warner and Stan O'Neal from Merrill Lynch has reduced the already sparse population of African-American CEOs running Fortune 500 companies to an extremely paltry four, reports AP. CEOs of any color have a short shelf life, and the small numbers of black chiefs can make two resignations look like an overwhelming trend. More »

    • Why the CEO Talent Pool Is So Small

      Wall Street Journal  |  Nov 5, 07 4:47 PM CST

      Why the CEO Talent Pool Is So Small

      (Newser) - With Citigroup and Merrill Lynch both suddenly searching for new CEOs, the Wall Street Journal looks at why the list of contenders for the top jobs at Wall Street's biggest firms is so short. Start with an earn-or-die corporate culture, which taints talented chief executives who fail to deliver in short order, as well as division heads who tend to be sacrificed to an unhappy board when they have a bad quarter. More »

    • Same Missteps Felled 2 Wall Street Stars

      Financial Times (UK)  |  Nov 5, 07 12:20 PM CST

      Same Missteps Felled 2 Wall Street Stars

      (Newser) - With the CEOs of two financial giants making their exits within a week of each other, the Financial Times looks at the similarities in the undoing of Citigroup's Chuck Prince and Merrill Lynch's Stan O'Neal. Both struggled unsuccessfully to change corporate cultures, making enemies along the way, and both invested heavily in mortgage-related securities. Their key mistake, adds the the New York Times, was siting on them even as they tanked. More »

    • Stocks Edge Up on Mixed Day

      Wall Street Journal  |  Nov 2, 07 3:34 PM CDT

      Stocks Edge Up on Mixed Day

      (Newser) - The major indexes saw small gains today despite turmoil in the financial sector and skepticism about a positive jobs report.  The Dow climbed 27.23 points to 13,595.10, the Nasdaq added 15.55 to close at 2,810.38, and the S&P 500 gained 1.21 to 1,509.65. Merrill Lynch nosedived 10% on the Journal ’s report of hedge fund dealings meant to postpone revealing the extent of losses in mortgage-related securities. More »

    • Merrill Hedging Prompts Inquiry

      Wall Street Journal  |  Nov 2, 07 7:55 AM CDT

      Merrill Hedging Prompts Inquiry

      (Newser) - Merrill Lynch, still reeling from an $8.4 billion write-down on mortgage-related losses last month, has been making deals with hedge funds that may have been calculated to keep further losses out of investors' view, the Wall Street Journal reports. The move has attracted the attention of the SEC, which is looking into whether the deals were made to move risky securities off Merrill's balance sheet temporarily.   More »

  • October 2007

    • It's Official: O'Neal Out

      Wall Street Journal  |  Oct 30, 07 10:42 AM CDT

      It's Official: O'Neal Out

      (Newser) - Merrill Lynch CEO Stan O’Neal is retiring effective immediately, the company announced today, shocking no one. Merrill characterized the ouster as a mutual decision, but massive subprime losses and takeover indiscretions clearly marked O’Neal for the chopping block. Terms of the exit package were not disclosed, but it's expected to total close to $200 million, the Journal reports. More »

    • UBS Reports $712M Q3 Loss, $4.4B in Writedowns

      Bloomberg  |  Oct 30, 07 8:36 AM CDT

      UBS Reports $712M Q3 Loss, $4.4B in Writedowns

      (Newser) - The subprime mortgage mess claimed another casualty today: Zurich-based UBS reported its first quarterly loss in nearly five years, a $712 million hit that drove down share prices as much as 1.9%, reports Bloomberg. UBS reported $4.4 billion in losses and writedowns on mortgage securities. And more writedowns may be to come in the fourth quarter, the bank warned. More »

    • O'Neal Exit Package Is All That's Left

      Wall Street Journal  |  Oct 30, 07 4:37 AM CDT

      O'Neal Exit Package Is All That's Left

      (Newser) - CEO Stan O’Neal has leaped from the flames of Merrill Lynch after its $8.4 billion write-down last week, but nobody yet knows the size of his golden parachute, writes the Wall Street Journal . Teams of lawyers are negotiating an exit package that may exceed $160 million, reflecting 21 years of service, including five as CEO, say spokesmen. More »

Stories 21 - 40 of 49

<< Prev 1 2 3 Next >>
Construction cranes work over the Freedom Tower site at the World Trade Center, Wednesday, May 30, 2007, in New York. The trade center, destroyed in the attacks of Sept. 11, 2001, will be anchored by...   (Associated Press)
Traders work on the floor of the New York Stock Exchange during the last half hour of trading, in this July 16, 2007 file photo in New York. The Dow Jones industrial average swept past 14,000 for the...   (Associated Press)
The corporate logo for Merrill Lynch is shown at an office, in this July 17, 2007 file photo in New York. Investment bank Merrill Lynch & Co. said Friday, Oct. 5, 2007 credit and mortgage woes will lead...   (Associated Press)
Trader Kevin Gaughan watches the monitors in the Standard & Poor's 500 futures pit at the Chicago Mercantile Exchange near the close of trading Wednesday, Oct. 24, 2007, in Chicago. Wall Street recovered...   (Associated Press)
A Merrill Lynch office is seen in York, Pa., Wednesday, Oct. 24, 2007. Merrill Lynch & Co. took a $7.9 billion writedown because of the summer's credit crisis, a bigger-than-expected amount that raised...   (Associated Press)
A Merrill Lynch office is seen in New York, Wednesday, Oct. 24, 2007. Wall Street recovered from deep losses Wednesday on the possibility of a rate cut, but still traded lower, cautious about Merrill...   (Associated Press)
CEO of the New York Stock Exchange John Thain is seen in Davos, Switzerland in this Jan. 29, 2005 file photo. Merrill Lynch & Co. has tapped Thain to lead the world's largest brokerage through the unfolding...   (Associated Press)
Graphic shows the stock price of Merrill Lynch & Co.; 1c x 3 inches; 46.5 mm x 76.2 mm   (Associated Press)
People walk past the Merrill Lynch building on Thursday, Nov. 15, 2007 in New York. John Thain, CEO of NYSE Euronext, was chosen on Wednesday to lead Merrill Lynch effective Dec. 1. (AP Photo/Brian McDermott)   (Associated Press)
Former CEO of Merrill Lynch Stan O'Neal speaks after receiving an award at the annual Jackie Robinson Foundation awards dinner in New York in this March 5, 2007 file photo. (AP Photo/Seth Wenig, file)   (Associated Press)
People arrive at the Merrill Lynch building on a rainy morning in New York in this Nov. 15, 2007 file photo. Merrill Lynch & Co. shares rose Friday, Dec. 21, 2007, on a report that the nation's biggest...   (Associated Press)
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Dow flat despite Merrill woes   (reutersvideo (YouTube))
NYSE CEO walks to Merrill Lynch   (reutersvideo (YouTube))

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Subprime Collapse  •  The Big Banks  •  The Markets  •  The Dow  •  Credit Market Chaos  •  A Billion Here...  •  Bear Stearns  •  CEOs Redeemed  •  Gilt Goldman  •  Is It Recession?

Background

investment bank
Britannica Concise Encyclopedia

Firm that originates, underwrites, and distributes new security issues of corporations and government agencies. The Banking Act of 1933 required the separation of investment banking and commercial banking functions. Investment banks operate by purchasing all the new securities issued by a ...

» Read more about investment bank at Encyclopedia.com

banking
World Encyclopedia

banking Commercial process providing a wide range of financial services, such as holding and transferring money, providing loans, and giving stability to the financial sector of the economy. There are a variety of sectors in the banking industry. Clearing banks in the UK and commercial ...

» Read more about banking at Encyclopedia.com

James (Ingram) Merrill
Britannica Concise Encyclopedia

(born March 3, 1926, New York, N.Y., U.S.—died Feb. 6, 1995, Tucson, Ariz.) U.S. poet. Son of a founder of the investment firm Merrill Lynch, he attended Amherst College. Inherited wealth enabled him to devote his life to poetry. His lyric and epic poems are known for their fine ...

» Read more about James (Ingram) Merrill at Encyclopedia.com

Charles E(dward) Merrill
Britannica Concise Encyclopedia

(born Oct. 19, 1885, Green Cove Springs, Fla., U.S.—died Oct. 6, 1956, Southampton, N.Y.) U.S. investment banker. He held a series of jobs before joining a Wall Street firm in 1911. In 1914 he cofounded the investment-banking firm Merrill, Lynch & Co., which soon became the broker for ...

» Read more about Charles E(dward) Merrill at Encyclopedia.com

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