Bear Stearns posts $854 million quarterly loss

Bear Stearns posted a much bigger-than-expected quarterly loss on Thursday [20 Dec 2007], capping a fiscal year when the fifth-largest U.S. investment bank took a beating on bad bets on risky subprime mortgages. It was the first loss in the company's history.

Bear Stearns said it took a $1.9 billion write-down in the quarter ended November 30, reflecting the reduced value of subprime mortgage-related securities. Hit by the collapse of two hedge funds last summer and poor financial results, Bear Stearns said there would be no bonuses for those at the top.

Bear Stearns reported a net loss of $854 million, or $6.90 a share, for the quarter ended November 30 [2007]. That compared with a year-ago profit of $563 million, or $4 a share.

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