Merrill Lynch reports 9.7 billion dollars in writedowns

Business Materials 18 July 2008 07:09 (UTC +04:00)

Troubled investment bank Merrill Lynch, the country's third largest securities firm, late Thursday reported higher-than-expected second quarter losses, with writedowns of 9.7 billion dollars as the economy slows.

The company reported 4.65 billion dollars in losses, compared to profits of 2.14 billion dollars in the same period last year, the dpa reported.

Merrill Lynch also confirmed that it was selling 20 per cent stake of 4.43 billion dollars in Bloomberg LP, the parent of Bloomberg News. The company also said it intended to sell a controlling share of mutual fund administrator Financial Data Services.