EXHIBIT 99.1

Exhibit 99.1


Merrill Lynch Reports Third Quarter 2007 Net Loss from Continuing
Operations of $2.85 Per Diluted Share

Record Net Revenues from Global Private Client, Equity Markets and
Investment Banking for the First Nine Months of 2007


NEW YORK--(BUSINESS WIRE)--October 24, 2007--Merrill Lynch (NYSE:
MER) today reported a net loss from continuing operations for the
third quarter of $2.3 billion, or $2.85 per diluted share,
significantly below net earnings of $2.22 per diluted share for the
second quarter of 2007 and $3.14 for the third quarter of 2006. Third
quarter 2006 net earnings per diluted share, excluding the impact of
the one-time, after-tax net benefit of $1.1 billion ($1.8 billion
pre-tax) related to the merger of Merrill Lynch Investment Managers
(MLIM) and BlackRock (NYSE: BLK), were $1.97. Third quarter 2007
results reflect significant net write-downs and losses attributable to
Merrill Lynch's Fixed Income, Currencies & Commodities (FICC)
business, including write-downs of $7.9 billion across CDOs and U.S.
sub-prime mortgages, which are significantly greater than the
incremental $4.5 billion write-down Merrill Lynch disclosed at the
time of its earnings pre-release. These write-downs and losses were
partially offset by strong revenues in Global Wealth Management (GWM),
Equity Markets, and Investment Banking, particularly in regions
outside of the U.S. The results described above and herein, exclude
Merrill Lynch Insurance Group (MLIG) which is reported under
discontinued operations.

1

Third quarter 2007 total net revenues of $577 million decreased
94% from $9.8 billion in the prior-year period and were down 94% from
$9.7 billion in the second quarter of 2007. Merrill Lynch's third
quarter 2007 pre-tax net loss was $3.5 billion. At the end of the
third quarter, book value per share was $39.75, down slightly from the
end of the third quarter of 2006.

"Mortgage and leveraged finance-related write-downs in our FICC
business depressed our financial performance for the quarter. In light
of difficult credit markets and additional analysis by management
during our quarter-end closing process, we re-examined our remaining
CDO positions with more conservative assumptions. The result is a
larger write-down of these assets than initially anticipated," said
Stan O'Neal, chairman and chief executive officer. "We expect market
conditions for sub-prime mortgage-related assets to continue to be
uncertain and we are working to resolve the remaining impact from our
positions," Mr. O'Neal continued. "Away from the mortgage-related
areas, we continue to believe that secular trends in the global
economy are favorable and that our businesses can perform well, as
they have all year."

Net revenues for the first nine months of 2007 were $20.0 billion,
down 23% from $25.8 billion in the comparable 2006 period. Net
earnings per diluted share of $1.94 were down 62% from $5.12 in the
prior-year period, and net earnings of $2.0 billion were down 61%.
Results for the first nine months of 2006 included $1.2 billion of
one-time, after-tax compensation expenses ($1.8 billion pre-tax)
related to the adoption of Statement of Financial Accounting Standards
No. 123R ("one-time compensation expenses") incurred in the first
quarter of 2006, as well as the net benefit associated with the MLIM
merger. Excluding these one-time items, net revenues for the first
nine months of 2007 were down 16%, net earnings per diluted share were
down 63% and net earnings were down 62% from the prior-year period.
The pre-tax profit margin for the first nine months was 12.8%, down
14.2 percentage points from the comparable 2006 period, or down 16.3
percentage points excluding the one-time items. The annualized return
on average common equity was 6.5%, down 13.0 percentage points from
the first nine months of 2006, or down 13.4 percentage points
excluding the one-time items.


2

Business Segment Review:

In the first quarter of 2006, Merrill Lynch recorded the one-time
compensation expenses (pre-tax) in the business segments as follows:
$1.4 billion to Global Markets and Investment Banking, $281 million to
Global Wealth Management and $109 million to Merrill Lynch Investment
Managers (which ceased to exist as a business segment upon its merger
with BlackRock). The one-time net benefit associated with the MLIM
merger was recorded in the Corporate Segment. Comparisons to results
from the third quarter and first nine months of 2006 in the following
discussion of business segment results exclude the impact of these
one-time items. A reconciliation of these segment results appears on
Attachment V to this release.

Global Markets and Investment Banking (GMI)

GMI recorded negative net revenues and a pre-tax loss for the
third quarter of 2007 of $3.0 billion and $4.4 billion, respectively,
as strong net revenues from Equity Markets and Investment Banking were
more than offset by the net losses in FICC. GMI's third quarter net
revenues also included a net benefit of approximately $600 million due
to the impact of the widening of Merrill Lynch's credit spreads on the
carrying value of certain long-term debt liabilities.



-- Third quarter and year-to-date 2007 net revenues from GMI's
three major business lines were as follows:

FICC net revenues were negative $5.6 billion for the
quarter, impacted primarily by losses across CDOs and U.S.
sub-prime mortgages. These positions consist of CDO
trading positions and warehouses, as well as U.S.
sub-prime mortgage related whole loans, warehouse lending,
residual positions and residential mortgage backed
securities. See below for details.


3


Net Exposures at Period End: Percent
--------------------------------
($ billions) Sept. 28, 2007 June 29, 2007 Inc / Dec
---------------- --------------- ---------

Total ABS CDO-related
exposures $15.2 $32.1 (53)%
Total U.S. sub-prime
mortgage-related
exposures 5.7 8.8 (35)

Net Write-downs
For the Three
Net Exposures at Months Ended
Sept. 28, 2007 Sept. 28, 2007
---------------- ---------------
AAA-rated super senior
exposures:
High-grade $8.3 ($1.9)
Mezzanine 5.3 (3.1)
CDO-squared 0.6 (0.8)
---------------- ---------------
Total ABS CDO super
senior exposures 14.2 (5.8)
Other retained and
warehouse exposures 1.0 (1.1)
---------------- ---------------
Total ABS CDO-related
exposures $15.2 ($6.9)
Total U.S. sub-prime
mortgage-related
exposures 5.7 (1.0)
---------------
Total Net Write-downs ($7.9)





Third quarter write-downs of $7.9 billion across CDOs and
U.S. sub-prime mortgages are significantly greater than
the incremental $4.5 billion write-downs Merrill Lynch
disclosed at the time of its earnings pre-release. This is
due to additional analysis and price verification
completed as part of the quarter-end closing process,
including the use of more conservative loss assumptions in
valuing the underlying collateral.


FICC net revenues were also impacted by write-downs of
$967 million on a gross basis, and $463 million net of
related fees, related to all corporate and financial
sponsor, non-investment grade lending commitments,
regardless of the expected timing of funding or closing.
These commitments totaled approximately $31 billion at the
end of the third quarter of 2007, a net reduction of 42%
from $53 billion at the end of the second quarter. The net
losses related to these commitments were limited through
aggressive and effective risk management, including
disciplined and selective underwriting and exposure
reductions through syndication, sales and transaction
restructurings.

Other FICC businesses reported strong results with record
net revenues in interest rates and currencies and solid
results in commodities and commercial real estate.

For the first nine months of 2007, FICC net revenues were
negative $153 million as strength in interest rate
products, currencies and commercial real estate was more
than offset by declines in credit products and the
structured finance and investments business.


4

-- Equity Markets net revenues increased 4% from the
prior-year quarter to $1.6 billion, driven by substantial
growth in client volumes. Revenues from cash trading,
equity-linked trading, and financing and services were
significantly higher compared to the prior-year period,
while revenues declined in the Strategic Risk Group and
the private equity business. Excluding the private equity
business, net revenues for the remaining Equity Markets
businesses increased 40% from the 2006 third quarter. For
the first nine months of 2007, Equity Markets net revenues
were a record $6.1 billion, up 23% from the prior-year
period, driven by strength in cash equities, equity-linked
and the financing and services businesses.

-- Investment Banking generated record net revenues for a
fiscal third quarter, up 23% from the prior-year period to
$1.0 billion. Revenues were driven by growth in both
merger and acquisition advisory services and equity
origination, partially offset by declines in debt
origination. Investment Banking net revenues for the first
nine months of 2007 were a record $3.8 billion, up 38%
from the 2006 period, reflecting the momentum in Merrill
Lynch's global origination franchise. Compared with the
first nine months of 2006, significant increases in
acquisition advisory services, equity and debt
origination, more than offset a decline in leveraged
finance origination revenues.

-- The third quarter 2007 pre-tax net loss for GMI was $4.4
billion compared with $1.5 billion of pre-tax earnings in the
prior-year period.

-- GMI's net revenues for the first nine months of 2007 were
$9.7 billion, down 28% from the record prior-year period.
Pre-tax earnings were $6 million, down from $4.5 billion in
the prior-year period.


Global Wealth Management (GWM)

GWM generated robust net revenues and pre-tax earnings for the
third quarter and for the first nine months of 2007, driven by strong
results in Global Private Client (GPC), as well as by a solid
contribution from Global Investment Management (GIM), which includes
earnings from Merrill Lynch's investment in BlackRock.



-- GWM's third quarter 2007 net revenues were $3.5 billion, up
29% from the third quarter of 2006:

-- GPC's net revenues increased 23% to $3.3 billion from the
prior-year period, driven by year-over-year increases in
every major revenue category, including record fee-based
revenues, which reflected higher asset values and
continued strength in flows into annuitized-revenue
products, as well as sizeable increases in transaction and
origination revenues, which included a few particularly
large deals, and net interest revenues. For the first nine
months of 2007, GPC's net revenues increased 16% over the
prior-year period to a record $9.6 billion, also driven by
every major revenue category.


5

-- GIM's net revenues increased 210% year-over-year to $270
million, due primarily to revenues from Merrill Lynch's
investment in BlackRock, which began to contribute to
revenues during the 2006 fourth quarter, as well as
increases in revenues from Merrill Lynch's ownership
positions in other investment management companies and the
business that creates alternative investment products for
GPC clients. GIM's net revenues for the first nine months
of 2007 were $836 million, up 153% from the comparable
period.

-- GWM's third quarter 2007 pre-tax earnings were $953 million,
up 70% from the third quarter of 2006. The pre-tax profit
margin was 26.9%, up from 20.4% in the prior-year period,
driven by strong revenue growth in GPC, continued discipline
in managing the business with a focus on operating leverage,
and the impact of the investment in BlackRock.

-- For the first nine months of 2007, GWM's net revenues
increased 21%, to a record $10.4 billion, driven by both GPC
and GIM. Pre-tax earnings increased 46% to $2.7 billion,
demonstrating the continued operating leverage in this
business, despite continuing investment in GWM's leading
product offerings, technology platform, and training
initiatives. GWM's year-to-date pre-tax profit margin was
26.1%, up 4.5 percentage points from 21.6% in the comparable
prior-year period.

-- Turnover among Financial Advisors (FAs) remained near
historical lows, particularly among top-producing FAs. FA
headcount reached 16,610 at quarter-end, an increase of 410
FAs for the quarter, reflecting the continuing trend of
favorable net recruiting from competitors and the addition of
graduates from our training programs.

-- Client assets in products that generate annuitized revenues
ended the quarter at $691 billion, up 20% from the third
quarter of 2006, and total client assets in GWM accounts were
a record $1.8 trillion, up 14%. Net inflows of client assets
into annuitized-revenue products were $10 billion for the
third quarter, and total net new money was $26 billion, the
highest quarterly level in over six years. For the first nine
months of 2007 net inflows of client assets into
annuitized-revenue products were $38 billion, and total net
new money was $51 billion.

-- On September 21, 2007 Merrill Lynch closed its acquisition of
First Republic Bank, which further bolsters Merrill Lynch's
private client organization by growing its private banking
franchise, broadening high net worth client relationships and
deepening GPC's management expertise. First Republic provides
personalized, relationship-based banking services, including
private banking, private business banking, real estate
lending, trust, brokerage and investment management.

-- On August 13, 2007 Merrill Lynch announced the divestiture of
its insurance business MLIG, as part of a broader strategic
relationship with AEGON, NV. The transaction is expected to
close in the fourth quarter of 2007, and GPC's results have
been restated to exclude the results of MLIG.


6

Merrill Lynch Investment Managers (MLIM)

On September 29, 2006, Merrill Lynch merged MLIM with BlackRock in
exchange for a total of 65 million common and preferred shares
representing an economic interest of approximately half of the
combined BlackRock. Following the merger, the MLIM business segment
ceased to exist, and under the equity method of accounting, an
estimate of the net earnings associated with Merrill Lynch's ownership
position in BlackRock is recorded in the GIM portion of the GWM
segment. For the third quarter of 2006, MLIM's net revenues were $700
million, and its pre-tax earnings were $284 million. For the first
nine months of 2006, MLIM's net revenues were $1.9 billion, and its
pre-tax earnings were $746 million.

Additional Items:

Compensation Expenses

Compensation and benefits expenses were $2.0 billion for the third
quarter of 2007 compared with $3.9 billion in the third quarter of
2006. Compensation and benefits expenses were $11.6 billion, or 58.1%
of net revenues for the first nine months of 2007, up from 49.2% in
the comparable prior-year period, excluding the one-time compensation
expenses and the one-time MLIM benefit.

Merrill Lynch remains focused on paying its best performing
employees competitively. In the same vein, it may be necessary to
accrue compensation expense at a higher level in the fourth quarter to
ensure it can appropriately reward employees whose performance will
drive future growth.

Non-compensation Expenses

Overall, non-compensation expenses were $2.1 billion for the third
quarter of 2007, up 14% from the prior year period.

Details of the significant changes in non-compensation expenses
from the third quarter of 2006 are as follows:

-- Brokerage, clearing, and exchange fees were $365 million, up
31% due primarily to higher transaction volumes.

-- Occupancy costs and related depreciation were $297 million, up
15% due principally to higher office rental expenses and
office space added via acquisitions.

-- Advertising and market development costs were $182 million, an
increase of 12% due to increased costs associated with
increased business activity.

-- Expenses of consolidated investments totaled $68 million, down
from $142 million primarily due to the deconsolidation of
certain MLIM investments in connection with the merger.


7

-- Other expenses were $341 million, an increase of 71% due
primarily to the write-off of approximately $100 million of
identifiable intangible assets related to First Franklin.

Income Taxes

The effective tax rate for the first nine months of 2007 was
23.1%, compared with 27.0% in the prior-year period, or 25.9%
excluding the one-time items.

Capital and Liquidity Management

Based on current market conditions, Merrill Lynch's liquidity
position is strong. Because the markets are unsettled, and market
conditions that affect the company's liquidity may become more severe,
the company is continuing to closely monitor its liquidity and is
pursuing opportunities to preserve and enhance its liquidity and
capital position.

As part of its active management of equity capital, Merrill Lynch
repurchased 19.9 million shares of its common stock for $1.5 billion
during the third quarter of 2007, largely to offset the 11.6 million
shares issued as consideration upon closing the First Republic Bank
acquisition.

Staffing

Merrill Lynch's full-time employees totaled 64,200 at the end of
the third quarter of 2007, a net increase of 2,300 during the quarter,
due primarily to the acquisition of First Republic and the impact of
seasonal training programs.


8

Stan O'Neal and Jeff Edwards, senior vice president and chief
financial officer, will host a conference call today at 10:00 a.m. ET
to discuss the company's 2007 third quarter results. The conference
call can be accessed via a live audio webcast available through the
Investor Relations website at www.ir.ml.com or by dialing (888)
810-0245 (U.S. callers) or (706) 634-0180 (non-U.S. callers).
On-demand replay of the webcast will be available from approximately
1:00 p.m. ET today at the same web address.

Merrill Lynch is one of the world's leading wealth management,
capital markets and advisory companies with offices in 38 countries
and territories and total client assets of approximately $1.8
trillion. As an investment bank, it is a leading global trader and
underwriter of securities and derivatives across a broad range of
asset classes and serves as a strategic advisor to corporations,
governments, institutions and individuals worldwide. Merrill Lynch
owns approximately half of BlackRock, one of the world's largest
publicly traded investment management companies with more than $1
trillion in assets under management. For more information on Merrill
Lynch, please visit www.ml.com.


9

Merrill Lynch may make forward-looking statements, including, for
example, statements about management expectations, strategic
objectives, growth opportunities, business prospects, investment
banking pipelines, anticipated financial results, the impact of off
balance sheet arrangements, significant contractual obligations,
anticipated results of litigation and regulatory investigations and
proceedings, and other similar matters. These forward-looking
statements are not statements of historical facts and represent only
Merrill Lynch's beliefs regarding future performance, which is
inherently uncertain. There are a variety of factors, many of which
are beyond Merrill Lynch's control, which affect the operations,
performance, business strategy and results and could cause its actual
results and experience to differ materially from the expectations and
objectives expressed in any forward-looking statements. These factors
include, but are not limited to, financial market volatility; actions
and initiatives taken by current and potential competitors; general
economic conditions; the effect of current, pending and future
legislation, regulation, and regulatory actions; and the other
additional factors described in the Risk Factors section of Merrill
Lynch's Annual Report on Form 10-K for the fiscal year ended December
29, 2006 and also disclosed from time to time in its subsequent
reports on Form 10-Q and 8-K, which are available on the Merrill Lynch
Investor Relations website at www.ir.ml.com and at the SEC's website,
www.sec.gov.

Accordingly, readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date on which
they are made. Merrill Lynch does not undertake to update
forward-looking statements to reflect the impact of circumstances or
events that arise after the date the forward-looking statements are
made. The reader should, however, consult any further disclosures
Merrill Lynch may make in its future filings of its reports on Form
10-K, Form 10-Q and Form 8-K.


10

Merrill Lynch may also, from time to time, disclose financial
information on a non-GAAP basis where management believes this
information will be valuable to investors in gauging the quality of
Merrill Lynch's financial performance and identifying trends.


11