Now Reading:

Merrill Lynch's shocking writedowns


Merrill Lynch's shocking writedowns


Merrill Lynch has said it expects to take a 3.6 billion euro pretax write-down in the third quarter due to losses on its sale of mortgage assets.

The Wall Street investment bank also announced plans to raise at least 5.4 billion euros by selling new shares, around 40% of that stock will be bought by Singapore sovereign wealth fund Temasek Holdings.

Merrill has already taken billions in writedowns; this latest move shocked the markets and hit banking stocks worldwide.

More about:

Every story can be told in many ways: see the perspectives from Euronews journalists in our other language teams.

Next Article