Merrill Lynch can cover debt, CFO says
The firm has $44 billion of equity capital available, according to Nelson Chai, Merrill's chief financial officer.
Wall Street giant Merrill Lynch & Co. Inc. has enough capital and cash to take care of some $50 billion in debt due in the next year, the firm’s chief financial officer, Nelson Chai, said today.
Merrill has $44 billion of equity capital available, he said at a presentation Monday morning at a conference sponsored by Zurich, Switzerland-based UBS AG.
The New York-based financial services firm has suffered over $14 billion in subprime-related write-downs and three straight quarterly losses as a result of the credit crunch (InvestmentNews April 17).
Last week, Merrill’s chief executive, John Thain, said that the worst of the credit crisis is over and that he does not foresee having to raise additional capital (InvestmentNews May 6).
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