by Calculated Risk on 7/17/2008 04:23:00 PM

Update: Here is the Merrill Press Release. (hat tip Dwight)

From MarketWatch: Merrill reports quarterly net loss of $4.65 billion

Merrill Lynch ... reported a $4.65 billion second-quarter net loss late Thursday as the brokerage firm continued to be hit by write-downs on large mortgage-related exposures.

On Capital One: Capital One income falls 40% on drop in U.S. card income

Capital One ... added $37.6 million to its second-quarter provision expenses. The managed charge-off rate for its national lending division increased 0.33 of a point to 5.67% from the first quarter.

The Merrill story (waiting for details) is more mortgage losses. The Capital One story is the spillover into credit card debt.