November 8, 2007 |
Embattled investment bank Merrill Lynch & Co. said Wednesday that federal regulators were investigating matters related to its holdings of high-risk mortgage debt. The Securities and Exchange Commission began the investigation Oct. 24, the world's largest brokerage firm said in a regulatory filing. It did not provide details but said it was cooperating with the inquiry.
November 6, 2007 |
Merrill Lynch & Co Inc. has offered BlackRock Inc. Chief Executive Laurence Fink the post of CEO of the brokerage, CNBC reported Monday. Merrill has given Fink two weeks to decide whether to accept the offer, CNBC said. A Merrill Lynch spokeswoman declined to comment. Merrill last week ousted Stan O'Neal as CEO amid mounting losses on mortgage-related securities. The company's loan write-downs resulted in a $2.2-billion loss in the third quarter, the biggest in the brokerage's 93-year history.
November 2, 2007 |
U.S. regulators are probing whether Merrill Lynch & Co. adequately informed investors about losses from sub-prime mortgages before announcing a larger-than-expected $8.4-billion write-down last week, said a person with knowledge of the matter.
October 29, 2007 |
The beleaguered head of Merrill Lynch & Co. has reportedly decided to step down and leave the firm, becoming the first chief of a Wall Street investment bank to be done in by the sub-prime mortgage crisis. Stan O'Neal, who endured withering criticism last week because of Merrill's enormous losses on mortgage-related securities, will quit his post as soon as today, according to a report on the Wall Street Journal's website.
October 25, 2007 |
Wall Street's pain from the housing slump and credit crunch intensified Wednesday as Bank of America Corp. announced layoffs and Merrill Lynch & Co. recorded $3.4 billion more in mortgage-related losses than it had forecast less than three weeks ago. Merrill's disclosure raised the prospect that investment banks, which seemed a few weeks ago to be getting a handle on the sub-prime crisis, could face further losses on complex mortgage-related securities.
July 18, 2007 |
Merrill Lynch & Co. said its second-quarter profit rose 31% as stock-market gains and historically low financing costs spurred more trading, share sales and takeovers. Net income in the second quarter jumped to $2.14 billion, or $2.24 a share, from $1.63 billion, or $1.63, a year earlier. Analysts on average had expected earnings of $2.02 a share. Merrill shares, however, fell $1.19, or 1.4%, to $86.20.
June 20, 2007 |
Merrill Lynch & Co. is proceeding with a plan to sell about $800 million of bonds from a money-losing hedge fund run by Bear Stearns Cos., a day after delaying a similar auction, people with knowledge of the offering said. Merrill Lynch, a creditor to the fund, began distributing a list to investors of bonds it may offer in the sale, according to the people familiar with the bond offering.
March 20, 2007 |
Investment banks Merrill Lynch & Co. and Credit Suisse Group won a huge victory Monday when a $40-billion class-action lawsuit filed by Enron Corp. investors was blocked by a federal appeals panel in New Orleans. The U.S. Court of Appeals for the 5th Circuit wrote that U.S. District Judge Melinda Harmon's decision to grant class-action status to the case was partly based on legal error regarding the banks' liability, and it sent the lawsuit back to the lower court for reconsideration.
February 1, 2007 |
Merrill Lynch & Co. won approval Wednesday of a $40.3-million settlement of three lawsuits over claims it provided misleading analyst research about Internet companies. U.S. District Judge John Keenan in New York approved the deal reached after investors appealed the 2003 dismissal of two of the cases. Keenan also awarded $9 million to lawyers who represented almost 400,000 investors who sued. Investors won 6.
January 25, 2007 |
Merrill Lynch & Co.'s chief executive, Stanley O'Neal, received $46 million in salary and bonuses in 2006, ranking him the second-highest-paid CEO on Wall Street. The brokerage said O'Neal received $18.5 million in cash as a performance bonus on top of his $700,000 salary, according to a filing with the Securities and Exchange Commission. He also was awarded $26.8 million in stock that vests between 2008 and 2011.