Merrill expected to writedown $6 billion-$8 billion: reports

AMMAN, Jordan (MarketWatch) — Merrill Lynch & Co. will report $6 billion to $8 billion in fresh writedowns of bad loans when it releases its quarterly financials on Thursday, the Wall Street Journal reported Wednesday, citing a person familiar with the matter. The new charges would bring the total writedowns since October to more than $30 billion and would give Merrill its third consecutive quarterly loss. The firm is readying a plan to cut costs, including reducing its staff by 10% to 15% in some departments, the newspaper said, citing people familiar with the company.
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