Merrill loses $4.6bn on $9.4bn writedowns
Merrill Lynch on Thursday said it lost $4.6bn in the second quarter following $9.4bn in credit-related writedowns.
Bank of America Corp. swung to a fourth-quarter loss as credit-loss provisions nearly tripled, while the company showed why it needed further help from the federal government by saying Merrill's preliminary loss was $15.31 billion.