(Xinhua)
Updated: 2008-01-18 11:05

NEW YORK -- Merrill Lynch on Thursday reported a fourth-quarter net loss of US$9.8 billion, the largest in the company's history, due to credit crisis.

A Merrill Lynch sign is seen above the main entrance to its headquarters in New York, January 17, 2008. [Agencies]

The largest US brokerage took a US$14.1-billion write-down in the fourth quarter on bad subprime mortgage bets plus other charges that have forced the sale of pieces of the company to foreign investors to raise capital.

For the year, Merrill's subprime mortgage-related losses totaled nearly US$23 billion.

On Wednesday, JP Morgan Chase, reported lower fourth quarter profits as it took a US$1.3-billion loss on subprime mortgage-related positions.

The Bank of New York Mellon reported a relatively paltry US$118 million write-down on Thursday as it announced lower fourth quarter profits.