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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 8, 1998
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Merrill Lynch & Co., Inc.
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(Exact Name of Registrant as Specified in its Charter)
Delaware 1-7182 13-2740599
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(State or Other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
World Financial Center, North Tower, New York, New York 10281-1332
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code : (212) 449-1000
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(Former Name or Former Address, if Changed Since Last Report.)
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ITEM 5. OTHER EVENTS
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On September 8, 1998, Merrill Lynch & Co., Inc. (the "Corporation")
reported that net earnings for July and August, the first two months of the
1998 third quarter, were an estimated $102 million.
Cash earnings, which exclude the effect of goodwill amortization, were an
estimated $138 million for the first two months of the third quarter.
The Corporation made an exception to its policy of not disclosing
intra-quarter financial performance because of the intensive public focus on
deteriorating conditions in the emerging markets, and the fact that most
major international financial institutions have made some form of disclosure.
The estimated net earnings for July and August were reduced by estimated
after-tax losses of $135 million in emerging markets activities, including
mark-to-market inventories, proprietary trading and counter-party exposure. The
sharp increase in credit spreads on fixed-income securities also affected the
overall results. Other business areas, including private client, equity
markets, mergers and acquisitions advisory services and asset management,
performed strongly during this period.
The estimated earnings also included a one-time expense of $23 million
after-tax for the acquisition of Midland Walwyn Inc. in Canada.
A number of factors - including a contraction of liquidity in the global
debt markets, continuing widespread market volatility, potential delays in
underwritings, and the possibility of slower economic growth globally -
currently are creating an uncertain operating environment for a range of
businesses in which the Corporation is engaged. As a result, the Corporation
plans to implement selective expense reductions.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
MERRILL LYNCH & CO., INC.
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(Registrant)
By: /s/ E. Stanley O'Neal
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E. Stanley O'Neal
Executive Vice President and
Chief Financial Officer
Date: September 9, 1998
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