Merrill Lynch Posts Loss of $5.1 Billion
The brokerage house, which last month accepted a takeover bid from Bank of America also said it would issue $10 billion of non-voting preferred stock and related warrants to the U.S. Treasury under the government program that gave Bank of America a $25 billion capital injection earlier this month.
$2.8 Billion Loss at Citigroup on More Write-Downs
The bank took more than $13.2 billion in charges in the third quarter, bringing the total amount of write-offs and credit losses since the credit crisis began last year to more than $64 billion.
Switzerland unveils UBS bail-out
UBS is raising 6bn Swiss francs ($5.3bn; £3.1bn) from the government.
It will also be able to transfer up to $60bn of distressed assets to a fund supported by the Swiss central bank.
EU central bank gives Hungary access to $6.75B
Hungary’s currency, the forint, has been under pressure for days and has weakened markedly against the euro and the U.S. dollar.
Nikkei Sinks 11.4%, Worst Loss Since ’87 Crash
The Nikkei average tumbled more than 11 percent on Thursday in its biggest one-day loss since the 1987 stock market crash after weak U.S. economic data intensified fears that recent global financial rescue measures will not be enough to stave off a recession.
