Posted on 10/16/2008 10:11:50 AM PDT by BGHater
Merrill Lynch & Co., the venerable Wall Street brokerage firm that agreed to a hasty marriage of convenience last month amid fears about its survival, said Thursday that it lost more than $5 billion.
Issuing its final financial results as an independent company, Merrill Lynch reported a loss of $5.15 billion, or $5.58 a share, in the third quarter, compared to a loss of $2.24 billion, or $2.82 a share, a year ago.
Merrill's net loss for the latest quarter excluded payments of $3.34 billion on preferred stock dividends, compared to $73 million of preferred dividends in the year-ago period.
Third-quarter net revenue were $16 million, down from $380 million a year ago.
Analysts polled by FactSet Research had expected the firm to lose $4.95 billion in the quarter.
(Excerpt) Read more at marketwatch.com ...
Wow
Oh,,my achy breaky heart.
How much did they make in a good year, though?
Thanks for posting. Very interesting.
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