Merrill Lynch posts $4.9 bn loss, sells Bloomberg stake

Merrill Lynch posted a much larger-than-expected $4.89 billion quarterly loss after writing down soured debt, and unveiled plans to sell billions of dollars of assets.

Merrill Lynch posted a much larger-than-expected $4.89 billion quarterly loss on Thursday after writing down soured debt, and unveiled plans to sell billions of dollars of assets —including a part of its lucrative brokerage business—to shore up capital.

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Chief executive John Thain called the quarter "difficult and disappointing."

The company also said it has completed and is helping finance the long-expected sale of its 20 per cent stake in Bloomberg, the news and financial data company, to the parent company, Bloomberg, for $4.43 billion.