- Car Insurance Scofflaws Raise Health Reform Doubt
- Rush Starts as Holiday Shopping Season Revs Up
- US Markets Bracing for Selloff on Dubai Debt Worries
- US Dollar Falls to 14-Year Low Against the Yen
- ING Prices Share Issue at Hefty Discount
- UK's Darling to Downgrade 2009 Growth Forecast
- Tommy Hilfiger's Estate in Conn. Sells for $20 Million
- Cheap Robotic Hamsters Are Holiday's Unlikely Craze
- Fannie Mae to Tighten Lending Standards: Report
- 4 Thanksgiving Week Buys For Your Portfolio: Market Pros
- There's a 'Great Chance' For a Double-Dip Recession: Strategist
- Revenge of the Gangsta Nerds
- Will TCU See The "Flutie Effect?"
- Retail Earnings and Sales to Improve in Q4: Analyst
- Consumers Catching the Holiday Spirit
- It's Beginning To Look A Lot More Riskless
- Crescenzi: Claims Level Suggests End to Job Losses
- Hedge Funds Take Early Lead in Warren Buffett's 'Big Bet'
MOST SHARED
- No Thanksgiving Rest for Retailers in Sales Race
- US Markets Bracing for Selloff On Worries About Dubai's Debt
- Attraction of Switzerland to Businesses
- More Asia Executives Resigned to Economy Flights: Survey
- Banks Play Down Dubai Exposure, Investors Still Wary
- UK's Darling to Downgrade 2009 Growth Forecast
- Dubai Debt Delays Revive Fear of Financial Crisis
- ING Prices Share Issue at Hefty Discount
Text Size 
U.S. bank Merrill Lynch will not need to return to the market again following the turbulence in credit markets that forced it to raise nearly $13 billion, its chief executive was quoted as saying.
In an interview with France's Le Figaro newspaper published on Saturday, Merrill
[MER
Loading...
()
] CEO John Thain said the credit crisis was far from over but the bank would not need to seek more outside capital to bolster its balance sheet.
"We lost $8.6 billion last year ... But in parallel we raised $12.8 billion in under two months, or more than the losses we suffered. That is why today I can say that we will not need additional funds. These problems are behind us. We will not return to the market," Thain was quoted as saying.
The credit crisis that started in the U.S. subprime mortgage sector had spread to auto credits, municipal loans and commercial loans in general and was "continuing to propagate," he said.
"The problem of defaults will rise," he added.
On Wednesday, Merrill said it could cut 650 jobs as it stopped making subprime mortgages through its First Franklin Financial unit.
Print
Email
- What you need to know.
- Social enterprises are becoming a new asset class for the ethically-minded.
- Ever wished your cab driver would stop nattering and just get to where you're going? Well that moment is near(er).
- Bill Griffeth is taking a leave of absence from CNBC and Power Lunch for a year. Here's a message from Bill.
- More shoppers than ever plan to comparison-shop this season. Who will benefit?
- It may be the most unusual guide to business you'll read.
Data is a real-time snapshot *Data is delayed at least 15 minutes