BUSINESS

Merrill Lynch CEO Says Worst is Over

03/28/2008 02:46 am ET | Updated May 25, 2011

U.S. bank Merrill Lynch will not need to return to the market again following the turbulence in credit markets that forced it to raise nearly $13 billion, its chief executive was quoted as saying.

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.

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Read about how Thain denies Merrill is going to need more capital.

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