Found some interesting information today. Taken from the Financial Times:
"Merrill Lynch's losses in the past 18 months amount to about a quarter of the profits it has made in its 36 years as a listed company, according to Financial Times research that highlights the extent of the global banking crisis.
Since the onset of the credit crunch last year, Merrill has suffered after-tax losses of more than $14bn as its balance sheet has been savaged by almost $52bn in writedowns and credit-related losses.
Merrill’s total inflation-adjusted profits between its 1971 listing and 2006 were about $56bn, according to figures from Thomson Reuters Fundamentals and an FT analysis of reported earnings.
The $14bn in losses for 2007 and the first two quarters of 2008 equal half of Merrill’s profits since the beginning of the decade."
Just goes to show how bad all of this really is.
Source: FT
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