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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 41 - 49 of 49

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  • October 2007

    • Exxon Gives Markets a Boost

      Bloomberg  |  Oct 29, 07 3:47 PM CDT

      Exxon Gives Markets a Boost

      (Newser) - Stocks rose again today as Exxon Mobil rode record crude prices to its greatest gains in 3 weeks, Bloomberg reports. The Dow was up 63.56 to 13,870.26, the Nasdaq 13.25 to 2,817.44, and the S&P 500 5.70 to 1,540.98. Continuing hopes of a Fed rate cut and news of Merrill Lynch's ouster of Stan O'Neal also drove the rally, the Journal reports. More »

    • Embattled Merrill Chief Stepping Down

      Wall Street Journal  |  Oct 28, 07 6:53 PM CDT

      Embattled Merrill Chief Stepping Down

      (Newser) - Merrill Lynch CEO Stan O’Neal has decided to step down, the Wall Street Journal reports, after days of speculation about his likely ouster following $8 billion in writedowns for the bank, and reports that he had discussed a merger with Wachovia without board authorization. The list of potential successors is headed by Laurence Fink, the chief executive of money manager BlackRock. More »

    • Merrill Lynch Sizes Up Potential CEOs

      Reuters  |  Oct 26, 07 4:49 PM CDT

      Merrill Lynch Sizes Up Potential CEOs

      (Newser) - With Stan O'Neal all but ousted after an $8.4 billion writedown mostly on subprime loans and an overture to Wachovia, Merrill Lynch is on the hunt for a new chairman and CEO. Candidates include BlackRock's Larry Fink, NYSE Euronext's John Thain, and in-house contender Robert McCann, Reuters reports. Sources tell CNBC O'Neal will be gone this weekend. More »

    • Stocks Recoup After Nasty Dive

      Bloomberg  |  Oct 24, 07 3:46 PM CDT

      Stocks Recoup After Nasty Dive

      (Newser) - Stocks did their best to battle back today after taking a hit from Merrill Lynch's dismal quarterly report, Bloomberg reports. Most of the losses were made up by the bell thanks to growing hopes of an October 31 rate cut from the Fed. The Nasdaq fell 24.5 to 2,774.76, the S&P 500 was down 3.71 to 1,515.88, and the Dow ended down 0.98 at 13,675.25. More »

    • New Losses Wallop Merrill Lynch

      New York Times  |  Oct 24, 07 4:40 AM CDT

      New Losses Wallop Merrill Lynch

      (Newser) - Merrill Lynch is to announce its third-quarter earnings today, and the prognosis is bleak: insiders are expecting the bank to report $2.5 billion in additional losses. That's over and above the $5 billion Merrill already reported earlier this month. Today's announcement of greater losses raises even more questions about chief executive E. Stanley O'Neal, whose tenure has seen Merrill take on riskier investments. More »

  • August 2007

    • Banks Might Derail Home Depot Deal

      Wall Street Journal  |  Aug 24, 07 7:10 AM CDT

      Banks Might Derail Home Depot Deal

      (Newser) - The pending sale of part of Home Depot took an ugly turn last night as three banks and three private equity firms entered into a showdown over financing. Home Depot dropped its asking price by over $1 billion, but the banks involved—JPMorgan Chase, Lehman Brothers and Merrill Lynch—have threatened to withdraw from a deal that may become the  first casualty of the credit crunch. More »

    • Loan Giant Downgraded to 'Sell,' Faces Bankruptcy

      Los Angeles Times  |  Aug 16, 07 7:44 AM CDT

      Loan Giant Downgraded to 'Sell,' Faces Bankruptcy

      (Newser) - Loan giant Countrywide saw its shares plummet 13% yesterday after the company experienced trouble borrowing money in the market for short-term debt. A Merrill Lynch analyst downgraded the stock from "buy" to "sell," sparking talk of possible bankruptcy, reports the LA Times . Before today's open, the company announced it's drawing on $11.6 billion in unsecured lines of credit. More »

    • Risk-Averse Euro Markets Retreat

      Bloomberg  |  Aug 15, 07 7:42 AM CDT

      Risk-Averse Euro Markets Retreat

      (Newser) - European markets plunged today over worries about the spreading subprime mortgage crisis. Analysts downgraded UBS and Deutsche Bank, which dropped, and all 14 open Western European exchanges lost ground, echoing the Asian markets' earlier retreat. "There's a lot of uncertainty about what's going on and who has lost money from the credit-market debacle," says a Swiss strategist. More »

    • Dow Sees Biggest Gain in 5 Years Before Fed Meeting

      Wall Street Journal  |  Aug 6, 07 3:58 PM CDT

      Dow Sees Biggest Gain in 5 Years Before Fed Meeting

      (Newser) - US stocks posted major gains after three straight weeks in the red, as blue chips advanced cautiously in the wake of last week's selloff. The Dow was up 286.87 to 13468.78, its best close since October, 2002, mainly following long-suffering financial companies. Merrill Lynch got a boost from a UBS upgrade; Citigroup and Wells Fargo also gained, after last week's bloodletting under the subprime scalpel. More »

Stories 41 - 49 of 49

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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))

« Prev« Prev | Next »Next »

Related Threads

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 bank ing 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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