Merrill Lynch reports net loss of $1.96 billion ($2.19 per share) on $2.9 billion in revenue to mark its third consecutive quarter of losses. The street was looking for an EPS of at least $1.72. Instead, brokers were treated to $6.5 billion in writedowns, a 40% drop in investment banking fees, a 69% decline in revenue, a $3 billion dollar reduction in bond insurance contracts, and declining revenues and profits across every sector.
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