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Merrill Lynch's Losses Cast Doubt on CEO

Wall Street investment banks are releasing quarterly results this week, and the news has been alarming.

Merrill Lynch announced losses of more than $8 billion and said it had made mistakes in "assessing risk."

The investment firm's move into the subprime market was directed by its CEO. Now, there are questions about whether he can remain as the bank's top executive.

Copyright 2022 NPR. To see more, visit https://www.npr.org.

Jim Zarroli
Jim Zarroli is an NPR correspondent based in New York. He covers economics and business news.