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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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Original post by Forextvblog

This entry was posted on Wednesday, April 16th, 2008 at 1:36 am and is filed under Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “Merrill expected to writedown $6 billion-$8 billion: reports”

  1. Merrill expected to writedown $6 billion-$8 billion: reports Says:
    April 16th, 2008 at 2:23 am

    […] Solo Trading Consultant wrote an interesting post today onHere’s a quick excerptAMMAN, 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 … […]

  2. Forex » Merrill expected to writedown $6 billion-$8 billion: reports Says:
    April 16th, 2008 at 2:36 am

    […] Forex News wrote an interesting post today onHere’s a quick excerptMerrill expected to writedown $6 billion-$8 billion: reports April 16th, 2008 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 fir […]

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