2 + 2 = I don't know
Merrill Lynch says it lost $27.6 billion in 2008, $533 million more than previously reported
By Associated Press
8:53 AM EST, February 25, 2009
NEW YORK (AP) — Merrill Lynch & Co. disclosed late Tuesday its 2008 losses were about $533 million more than previously reported, according to a regulatory filing.
Merrill revised its full-year loss to $27.61 billion from the $27.08 billion it reported last month, according to a filing with the Securities and Exchange Commission.
The New York-based investment bank has been among the hardest hit by the ongoing credit crisis. On Jan. 1, New York-based Merrill completed its sale to Charlotte, N.C.-based Bank of America Corp.
The updated filing shows Merrill reported a negative revenue net of interest expense of $12.59 billion for the year, compared with a previous estimate of negative $11.72 billion. The change is related mostly to principal transactions, causing Merrill to record a revised negative revenue of $27.23 billion, compared with a previous estimate of negative $26.18 billion.