News Tag: Merrill Lynch
February 5, 2010
US banking giant, Bank of America (BoA), has been sued by the New York Attorney General, Andrew Cuomo, for defrauding investors and the Government over its takeover of Merrill Lynch.
BoA, and two of its senior executives, Ken Lewis and Joseph Price, have been accused of “enormous fraud” on taxpayers and shareholders over the takeover in 2008.
In September 2008, ...
Bank of America sued over Merrill Lynch takeover
by Kay Murchie
January 16, 2009
US banking giant Citigroup has today announced a worse-than-expected fourth quarter net loss of $8.29 billion (£5.6 billion) and said it plans to split the firm into two separate businesses to restore profitability.
The bank’s net loss for the last quarter of 2008 works out at $1.72 per share, far worse than most analysts' forecasts of a ...
Citigroup reports quarterly loss and plans to split into two businesses
by Kay Murchie
Bank of America receive $20bn cash injection
by Kay Murchie
January 13, 2009
A survey by the Confederation of British Industry (CBI) this week revealed that financial services companies are suffering record falls in profits.
As a result, the CBI said job losses in the financial sector will rise sharply during the first quarter of 2009.
The prediction has so far rang true after British banking giant Barclays is set to shed over ...
Job losses at Barclays and Bank of America
by Kay Murchie
October 21, 2008
Last month, Merrill Lynch was quickly sold to Bank of America following the collapse of Lehman Brothers.
The deal is expected to be finalised at the end of the year, however, around 500 jobs are said to be at risk as a result.
Merrill’s chief executive, John Thain, said the job losses could be made as early as this week and ...
Jobs go in Merrill Lynch / BoA merger
by Kay Murchie
September 15, 2008
A new financial giant has been created as Bank of America confirmed it is to buy Merrill Lynch in a deal worth $50 billion (£28 billion), subject to the approval of shareholders and regulators.
The deal will result in the new financial services giant involved in everything ranging from fixed-income trading to stock underwriting to credit card lending, ...
Bank of America reaches £28bn deal with Merrill Lynch
by Kay Murchie
April 18, 2008
The world’s largest stockbroker, Merrill Lynch, has announced it is to axe 4,000 jobs worldwide with up to 400 of its 4,500 London staff facing redundancy.
The job cuts are as a result of poor risk management for Merrill's over-exposure to bad sub-prime mortgage debt.
Merrill also announced heavy losses from the first quarter of this year. The bank said ...
Merrill Lynch to shed 4,000 jobs globally
by Kay Murchie
April 14, 2008
US investment banks, Citigroup and Merrill Lynch, are to announce further sub-prime write-downs totalling $15 billion (£7.6 billion).
Citigroup is expected to take a $10 billion hit to its accounts which will take the bank to a first-quarter loss of nearly $3 billion. Many analysts believe Citigroup’s write-downs could reach as high as $12 billion.
Merrill is expected to announce a ...
US banks to reveal additional sub-prime write-downs
by Kay Murchie
