Merrill Lynch reports $9.7 billion in writedowns

July 18th, 2008 - 12:44 pm ICT by IANS  

New York, July 18 (DPA) Troubled US investment bank Merrill Lynch, the country’s third largest securities firm, has reported writedowns of $9.7 billion as the economy slows. The company reported $4.65 billion in losses, compared to profits of $2.14 billion in the same period last year.

Merrill Lynch also confirmed that it was selling 20 cent stake of $4.43 billion in Bloomberg LP, the parent of Bloomberg News.

The company also said it intended to sell a controlling share of mutual fund administrator Financial Data Services.

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