More Videos
- Even Amid Gloom, Stocks May End Year With Gains
- Roubini: The Nationalization Debate Is Moot
- Japan to Use Forex Reserves to Ease Credit Squeeze
- HSBC Plunges After Rights Issue, Dividend Cut
- Consumer Spending Is Up—But Why?
- Feds Won't Run Large Firms for Extended Time: Bair
- BofA's Lewis Calls Merrill Aid Request a 'Mistake'
- Cramer: Geithner's Bank Plans Make Things Worse
- Oil Falls More Than 10% on Economic Pessimism
- Lightning Round: Eli Lilly, Taiwan Semi and More
- Lightning Round OT: Palm, Priceline.com and More
- Your Obama-Proof Portfolio: Edison International
- The Dos and Don’ts of Dividend Investing
- Cramer’s S.O.S.: Obama, Save Our Stocks
- Web Extra: Buffett's Loss, Your Gain!
- Pops & Drops: FTI Consulting, Morgan Stanley...
- Are Healthcare Stocks Safe?
- Chartology: Dow 6,000 On The Way?
Text Size 
Merrill Lynch lost $15.84 billion in the fourth quarter, a regulatory filing showed, more than $500 million higher than the loss previously estimated by Bank of America.
The quarterly loss equaled $9.95 per share for the period ended Dec. 26, 2008, according to Merrill's annual report filed on Tuesday with the U.S. Securities and Exchange Commission.
Bank of America [BAC
Loading...
()
] had on Jan. 16 estimated that Merrill lost $15.31 billion in the fourth quarter.
Among the charges that Merrill Lynch took in the fourth quarter was a $2.3 billion goodwill writedown, mainly because of exposure in its fixed income, currencies, and commodities trading unit.
The bank acquired Merrill on Jan. 1, 2009, creating the largest U.S. bank by assets. Later that month, Bank of America got a government bailout, including $20 billion of new capital, to help it absorb losses on some Merrill assets.
The size of Merrill's writedowns, combined with the roughly $3.6 billion of executive bonuses awarded to the company's executives late last year, has aroused political censure and regulatory investigations.
A judge on Monday ordered former Merrill Chief Executive John Thain to provide more information about executive bonuses.
Print
Email
Data is a real-time snapshot *Data is delayed at least 15 minutes