Merrill Lynch

Merrill Posts $5.2 Billion Loss in Q3 

Merrill Lynch & Co.[stock MER][/stock], set to be acquired by Bank of America Corp. [stock BAC][/stock] in February, reported Thursday a third-quarter net loss of $5.2 billion, or $5.58 per share, compared to a net loss of $2.2 billion — $2.82 per share — from the year-ago quarter, as the company all but ditched remaining subprime and Alt-A holdings. The company’s exposure to U.S. Alt-A residential mortgages declined an astounding 98 percent from Q2 levels to just $25 million, and subprime mortgage-related exposures declined 71 percent to $295 million.