Broker expected to take staggering loss on bad mortgage bets when it posts results next week, paper reports.
Merrill Lynch is expected to report a bigger-than-expected $15 billion writedown when it reports quarterly results next week, according to a report in The New York Times.
The hit is bigger than the $12 billion writedown many Wall Street analysts are expecting, the report said.
Merrill is expected to post a steep fourth-quarter loss when it posts results next Thursday, due largely to bad bets made on mortgage investments.
As a result of the deep loss, the nation's largest broker is looking to raise additional capital from an outside investor, the newspaper said, citing people who had been briefed on the matter.
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