Merrill may write down $15 billion

Broker expected to take staggering loss on bad mortgage bets when it posts results next week, paper reports.

Subscribe to Companies
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)

NEW YORK (CNNMoney.com) -- Merrill Lynch is expected to report a bigger-than-expected $15 billion writedown when it reports quarterly results next week, according to a report in The New York Times.

The hit is bigger than the $12 billion writedown many Wall Street analysts are expecting, the report said.

Merrill is expected to post a steep fourth-quarter loss when it posts results next Thursday, due largely to bad bets made on mortgage investments.

As a result of the deep loss, the nation's largest broker is looking to raise additional capital from an outside investor, the newspaper said, citing people who had been briefed on the matter.

Sources told the Times that the company was in talks with overseas investors in Asia and the Middle East as well as American private equity firms in an effort to raise $4 billion.

This would not be the first time Merrill looked to outside investors for help. In December the company announced it had received at least $4.4 billion from Singapore's state-run Temasek Holdings.

Merrill Lynch (MER, Fortune 500) shares finished 3 percent higher in Thursday trade on the New York Stock Exchange. To top of page

Photo Galleries
5 insane Samsung gadgets Samsung has a penchant for solving problems we didn't know we had. Here are 5 of the zanier ideas Samsung has come up with. More
10 most expensive cities Imagine paying $7,000 a month for a two-bedroom apartment, or $42 for a movie? These are the world's 10 priciest cities, according to a study which helps companies assess the costs of relocating employees abroad. More
10 best cities to launch a startup Access to funding, labor and the cost of living can make or break a new business. Based on a NerdWallet study, these 10 cities are the best in the country to launch a startup. More
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.