Merrill chief looks abroad for opportunities

Merrill Lynch chief executive John A. Thain toured Europe and Asia, making his last stop in Beijing yesterday.

Merrill Lynch & Co. Inc. is eyeing economic opportunities abroad to solidify its finances, The Wall Street Journal reported.
As part of the New York-based firm’s strategy to invest more in foreign countries, the company’s chief executive John A. Thain toured Europe and Asia, making his last stop in Beijing yesterday.
The Wall Street firm is coming off a fourth quarter that saw a net loss of $9.83 billion, or $12.01 per share, with $16.7 billion in write-downs resulting from the U.S. subprime meltdown (InvestmentNews Jan. 17).
Mr. Thain sees the greatest opportunities in China, India, Brazil and Russia, the Journal said.
Merrill Lynch is planning to create a brokerage joint venture in China, but Mr. Thain declined to give specifics during a news briefing yesterday in Beijing, according to published reports.