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Citigroup and Merrill Lynch, two of Wall Street’s biggest names, are seeking emergency funding from foreign investors to offset losses stemming from exposure to sub-prime mortgage securities.
The Wall Street Journal reported that Merrill Lynch is expected to receive US$3-4 billion ($3.4-4.5 billion). According to The Australian, Citigroup is seeking as much as US$13 billion ($14.5 billion).
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The search for capital by Citigroup and Merrill Lynch, the second in just weeks, indicates that the credit crisis may be having an even greater impact on Wall Street than expected.
