Merrill Lynch is set to be the latest US investment bank to take on a foreign capital injection.
Reports across the Atlantic suggest Merrill is in advanced talks with the Singapore Government’s Temasek Holdings over a $5bn deal.
Merrill is understood to be expecting to writedown a further $8bn in Q4, as fallout from the sub-prime crisis continues.
The news follows rival Morgan Stanley announcing on Wednesday it is to offload a 9.9% stake to the China Investment Corp, China's sovereign wealth fund, for $5bn.
Citigroup last month received a $7.5bn injection from Abu Dhabi's sovereign wealth fund, while Swiss investment bank UBS reported it is to sell an 11.5% stake to the Singapore Investment Corp and an anonymous investor for $11.2bn.
To comment on this story, contact:
0207 034 2681
For undisclosed sum
Entry deadline: Friday 28 September 2018
Is the US overheating?
What made financial headlines over the weekend?