Marshall & Ilsley Revises 4Q Loss On $1.5 Billion Write-Down
02 3월 2009 - 11:38PM
Dow Jones News
Marshall & Ilsley Corp. (MI) revised its fourth-quarter
result to include a $1.5 billion write-down reflecting the decline
in the bank's stock price because of the economic deterioration and
financial market weakness.
The revision puts the quarter's net loss at $7.25 a share, not
the $1.55 posted in January.
Marshall & Ilsley's shares were down 4.8% at $4.36 in
premarket trading. The stock has lost nearly two-thirds of its
value so far this year.
Marshall & Ilsley's problems stem not only from its
struggles with its heavy exposure to some of the most troubled
housing markets, but also from its especially large exposures to
commercial construction loans. The company reported in January it
more than tripled its provision for loan and lease losses during
the fourth quarter as charge-offs and non-performing loans
surged.
-By Kerry E. Grace, Dow Jones Newswires; 201-938-5089;
kerry.grace@dowjones.com