Merrill Lynch has been hit with a $1.96bn net loss in Q1 this year, due to a further $4.5bn write-down in sub-prime and other bad debt.
While close to analyst expectations, the net loss is well down on the $2.1bn profit recorded in the same period last year.
The latest write-down takes the Wall Street giant’s total bad debt to $24bn.
"Despite this quarter's loss, Merrill Lynch's underlying businesses produced solid results in a difficult market environment," chairman and chief executive officer John Thain says.
"The firm's $82bn excess liquidity pool has increased from year-end levels, and we remain well capitalised.
"In addition, our global franchise is positioned strongly for the future, and we continue to invest in key growth areas and regions."
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‘Most significant’ upgrade since launch
Changes happening over coming months
Had accepted British Steel business
Aimed at HNW clients and family groups
Set for 1 April 2019