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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'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. |
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