Merrill Lynchis resorting to its trademark bull logo to convince the world it is in good shape, despite taking its biggest quarterly loss ever.
The U.S.-based investment bank has taken out a full-page advertisement in the Financial Times and in the New York Times as it starts an advertising blitz to explain to investors, employees and global opinion-makers why is is still "bullish" about its prospects after recent write-downs for $8.4 billion.
Investment bank Merrill Lynch is reacting to recent negative sentiment over the biggest quarterly loss in its history relating to risky U.S. subprime mortgages, which has forced out its chief executive and sent its shares diving.
According to an internal email seen by Reuters, the bank also plans to place an advertisement in other publications later in the week and on various Web sites including those of the FT, the NYT, Bloomberg, CNBC and MSNBC.
The advertisement is titled "Why Merrill Lynch is still bullish on Merrill Lynch."
"We hope this advertising will put you in a better position to respond to the questions that many of you have received," Merrill Lynch's head of communications and public affairs Jason Wright said in the email to all staff.
According to the FT advertising rates published on its web site, such an ad would have cost at least $149,000 for that newspaper alone.