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Merrill up on leadership reports Merrill up on leadership reports
(4 days later)
US investment bank Merrill Lynch has seen shares climb more than 8% - the most in five years - on reports that it could soon have a new chief executive.US investment bank Merrill Lynch has seen shares climb more than 8% - the most in five years - on reports that it could soon have a new chief executive.
Merrill shares closed at $66.09 in New York after news reports said chief executive Stan O'Neil might be ousted. Merrill shares closed at $66.09 in New York after news reports said chief executive Stan O'Neal might be ousted.
Questions about the leadership of the firm have arisen in the wake of poor quarterly results earlier in the week.Questions about the leadership of the firm have arisen in the wake of poor quarterly results earlier in the week.
The firm had $7.9bn (£3.85bn) in write-downs for the quarter - marking Merrill's first loss since 2001.The firm had $7.9bn (£3.85bn) in write-downs for the quarter - marking Merrill's first loss since 2001.
The company reported a net loss of $2.3bn from continuing operations, against a $3bn profit a year ago.The company reported a net loss of $2.3bn from continuing operations, against a $3bn profit a year ago.
The losses were a result of exposure to bad mortgage-related debt, including that US sub-prime sector.The losses were a result of exposure to bad mortgage-related debt, including that US sub-prime sector.
Merrill is the latest bank to reveal its exposure to bad debt, with a write-down much larger than initially forecast.Merrill is the latest bank to reveal its exposure to bad debt, with a write-down much larger than initially forecast.
Others that have also been affected by the credit crisis include Citigroup, Credit Suisse and UBS.Others that have also been affected by the credit crisis include Citigroup, Credit Suisse and UBS.
Reports on Friday speculated who might be potential candidates for the top job at Merrill.Reports on Friday speculated who might be potential candidates for the top job at Merrill.
They came as The New York Times said Mr O'Neal could lose his job for considering a tie-up with Wachovia, before gaining approval from Merrill's board.They came as The New York Times said Mr O'Neal could lose his job for considering a tie-up with Wachovia, before gaining approval from Merrill's board.