EXHIBIT 99(i)
MERRILL LYNCH & CO., INC.
PRELIMINARY UNAUDITED EARNINGS SUMMARY
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FOR THE THREE MONTHS ENDED
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(IN MILLIONS, PERCENT INC/(DEC)
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EXCEPT PER SHARE AMOUNTS) MAR. 29, DEC. 29, MAR. 31, Q1 96 VS Q1 96 VS
1996 1995 1995 Q4 95 Q1 95
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REVENUES:
COMMISSIONS $ 989 $ 847 $ 685 17 % 44 %
INTEREST AND DIVIDENDS 3,010 2,892 3,030 4 (1)
PRINCIPAL TRANSACTIONS 982 566 675 73 46
INVESTMENT BANKING 378 370 249 2 52
ASSET MANAGEMENT AND PORTFOLIO
SERVICE FEES 538 494 448 9 20
OTHER 122 124 117 (1) 4
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TOTAL REVENUES 6,019 5,293 5,204 14 16
INTEREST EXPENSE 2,758 2,680 2,783 3 (1)
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NET REVENUES 3,261 2,613 2,421 25 35
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NON-INTEREST EXPENSES:
COMPENSATION AND BENEFITS 1,691 1,299 1,270 30 33
COMMUNICATIONS AND EQUIPMENT RENTAL 131 136 111 (4) 17
OCCUPANCY 116 116 110 - 5
DEPRECIATION AND AMORTIZATION 98 100 86 (2) 14
PROFESSIONAL FEES 130 107 99 22 32
ADVERTISING AND MARKET DEVELOPMENT 114 114 86 1 33
BROKERAGE, CLEARING, AND EXCHANGE FEES 106 94 84 13 27
OTHER 204 165 195 24 4
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TOTAL NON-INTEREST EXPENSES 2,590 2,131 2,041 22 27
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EARNINGS BEFORE INCOME TAXES 671 482 380 39 77
INCOME TAX EXPENSE 262 179 152 46 73
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NET EARNINGS $ 409 $ 303 $ 228 35 % 80 %
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PREFERRED STOCK DIVIDENDS $ 11 $ 12 $ 13
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NET EARNINGS APPLICABLE TO COMMON
STOCKHOLDERS $ 398 $ 291 $ 215
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EARNINGS PER COMMON SHARE:
PRIMARY $ 2.03 $ 1.49 $ 1.08
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FULLY DILUTED $ 2.03 $ 1.49 $ 1.08
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AVERAGE SHARES:
PRIMARY 196.2 195.1 199.2
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FULLY DILUTED 196.2 195.1 199.2
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NOTE: PERCENTAGES ARE BASED ON ACTUAL NUMBERS BEFORE ROUNDING.
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