Israel's military campaign against Hamas has reduced much of the territory of 2.3 million people to a wasteland with most civilians homeless
In an interview with France’s Le Figaro newspaper published on Saturday, Merrill CEO John Thain said the credit crisis was far from over but the bank would not need to seek more outside capital to bolster its balance sheet.
‘We lost $8.6 billion last year ... But in parallel we raised $12.8 billion in under two months, or more than the losses we suffered. That is why today I can say that we will not need additional funds. These problems are behind us. We will not return to the market,’ Thain was quoted as saying.
The credit crisis that started in the US subprime mortgage sector had spread to auto credits, municipal loans and commercial loans in general and was ‘continuing to propagate,’ he said.
‘The problem of defaults will rise,’ he added.
On Wednesday, Merrill said it could 650 jobs as it stopped making subprime mortgages through its First Franklin Financial Corp unit.
Israel's military campaign against Hamas has reduced much of the territory of 2.3 million people to a wasteland with most civilians homeless
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