Merrill alright on funds, Thain says
Merrill Lynch & Co. Inc. will not need any outside capital to bolster its balance sheet, said chairman and chief executive John Thain.
Merrill Lynch & Co. Inc. will not need any outside capital to bolster its balance sheet, said chairman and chief executive John Thain, according to a report in France’s Le Figaro.
The comments came after the New York-based financial services giant was forced to raise $13 billion, due to turbulence in the credit market.
“We lost $8.6 billion last year … But in parallel we raised $12.8 billion in under two months, or more than the losses we suffered. That is why today I can say that we will not need additional funds. These problems are behind us. We will not return to the market,” Mr. Thain said.
Last week, Merrill said it will close its First Franklin subprime-mortgage lending unit, in a move that will slash 650 jobs (InvestmentNews, March 6) .
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