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U.S. markets recover from steep losses
NEW YORK, Jan. 17 (UPI) -- Wall Street giant Merrill Lynch, latest victim of the credit crisis, reported a fourth quarter net loss of nearly $10 billion Thursday.
The company said it had written off $11.5 billion in bad debt and derivatives.
Merrill said it posted a loss of $9.83 billion, or $12.01 a share, in the December quarter, a reversal from the company's year-earlier profit of $2.35 billion, or $2.41 a share.
John Thain, chairman and chief executive officer, said in a conference call that while the earning performance was "clearly unacceptable," the company had taken steps to "substantially strengthen the firm's liquidity and balance sheet" and is still in good shape, MarketWatch reported.
Merrill Lynch shares fell nearly 3 percent in early trading Thursday, changing hands at $53.50.
To deal with the losses, Thain said, Merrill plans to tighten up its risk management.
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