Merrill suffers $5.6 billion FICC losses
The US dealer’s $5.6 billion loss in its fixed-income, currencies and commodities (FICC) business makes it the hardest hit of the US dealers from the credit crisis. This included third-quarter write-downs of $7.9 billion across collateralised debt obligations (CDOs) and US subprime mortgages, coming in much higher than the $4.5 billion write-downs disclosed at the time of its earnings pre-release.
“In light of difficult credit markets and additional analysis by management during our quarter-end
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