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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
  
  (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
  
  (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
  
  (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
  
  (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
  
  (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
  
  (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
  
  (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
  
  (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
  
  (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
  
  (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
  
  (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
  
  (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
  
  (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
  
  (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
  
  (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 »