Merrill Lynch to depart from structured debt

Merrill Lynch's new CEO, John Thain, announced the firm will leave the subprime, CDO and structured credit businesses and focus on commodities and emerging markets. Last year, Merrill wrote down nearly $10 billion of securities linked to mortgages and thus reported its first annual loss in 19 years. Thain explained Merrill's new strategy at the Citigroup 2008 Financial Services Conference.

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