Merrill Lynch posts $4.9 bn loss, sells Bloomberg stake

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.

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.