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Write-downs still rife at Merrill Lynch

NEW YORK, April 17 (UPI) -- U.S. finance giant Merrill Lynch lost $1.96 billion in the first quarter, including $9.4 billion in write-downs, the company reported Thursday.

The company, reeling from a turnaround in the credit market, has reported a total of $27.4 billion in write-downs over this quarter and the previous two, The New York Times reported.

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First quarter 2008 losses were all in the investment banking division, which lost $4 billion and saw a decline in revenues, the Times reported.

Write-downs for the quarter included $1.5 billion related to collateralized debt and $3.1 billion related to Alt-A residential mortgages.

"Despite this quarter's loss, Merrill Lynch's underlying businesses produced solid results in a difficult market environment," Chairman and Chief Executive John A. Thain said in a statement.

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