Job cuts, more writedowns at Merrill: report

Merrill Lynch will announce a further $6 billion to $8 billion of asset writedowns in its quarterly results this week, the Wall Street Journal reported on Wednesday, citing a person familiar with the matter.

The Journal said in its online edition that the writedowns would take the total since October to more than $30 billion and lead to a third straight quarterly net loss at Merrill, the longest such losing streak in its 94-year history.

A Merrill Lynch spokeswoman in London declined to comment and directed enquiries to the U.S. bank's New York office. The spokeswoman in New York was not immediately available for comment.

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- Posted: 2008-04-16 08:57:38

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