Bank of America announced today it will acquire Merrill Lynch in a $50 billion all-stock deal, rounding off an explosive weekend on Wall Street.
Merrill Lynch has released two high-scoring inflation products, one based on the euro, one on the Swiss franc. The basic structure is the same for both products, with differences reflecting the relative risk and merits of following the two markets
Merrill Lynch has agreed a $7 billion settlement with its auction rate securities (ARS) customers, but the deal leaves the larger purchasers uncovered, as did a similar settlement at Goldman Sachs.
New York-based bond insurer Ambac has rid its books of exposure to a $1.4 billion collateralised debt obligation-squared (CDO-squared) transaction, by commuting a guarantee written on it for arranger Citi.
Merrill Lynch is selling $6.7 billion of collateralised debt obligations (CDOs), terminating hedges on CDOs and undertaking a $8.5 billion public stock offering to raise capital.
Bank of America (BofA) posted profits of $3.41 billion for the second quarter, despite recording combined writedowns of $4.84 billion in its credit book and elsewhere for the same period.
Merrill Lynch waited until trading had closed in New York yesterday to announce quarterly losses of $4.7 billion, including $9.1 billion writedowns on its structured product, monoline and mortgage exposures.
Merrill Lynch has initiated a probe into suspicious activity detected on one of its equity derivatives trading desks, suspending one of the traders at the desk.
A book-keeping mistake led Merrill Lynch to overestimate cashflow from its derivatives business by $43.1 billion over the past three years, the bank has revealed.
Dean Curnutt, New York-based head of institutional equity derivatives sales at Bank of America, has left the bank.
Ahmass Fakahany, Merrill Lynch’s co-president and chief operating officer, is about to retire, leaving on February 1. Fakahany joined the bank in 1987 and has served in a variety of senior roles, including as vice-chairman and chief administrative officer...
Citi, Merrill Lynch and JP Morgan could see writedowns totalling $33.6 billion relating to collateralised debt obligations (CDOs) over the fourth quarter, according to a report by Goldman Sachs on American firms, published on December 26.
Nelson Chai has been appointed as Merrill Lynch's chief financial officer.
The banking and financial services sectors dominated trading volumes of credit default swaps (CDS) in the US over November, according to New York-based interdealer broker GFI.
Bank of America has appointed Cindy Murray as head of product innovation and development for global product solutions, responsible for designing, building and launching new credit and treasury products for the bank's global corporate and investment banking...
The $3 billion writedown disclosed by Bank of America early this week has been overshadowed by the announcement that an investment in China stands to earn the firm $19 billion.
Wachovia has announced $1.1 billion in writedowns for the month of October, as the bank’s holdings in collateralised debt obligations (CDOs) and mortgage-backed securities (MBS) continue to lose value.
The subprime crisis continues to deepen as Morgan Stanley and Merrill Lynch, two of the worst-affected US banks, reveal further damage - and an SEC investigation into Merrill Lynch.
Credit default swap (CDS) trading activity in the US focused on the financial sector in October, according to a release by New York-based broker GFI Group.
Stan O'Neal, chief executive officer of Merrill Lynch, has left the firm with immediate effect, the company has confirmed.
Bank of America is sacking 3,000 people, mostly from its investment banking arm, after chief executive Kenneth Lewis hinted the bank might be leaving the investment banking business.