In a filing with the U.S. Securities and Exchange Commission, Bear said it recognized $200 million of losses related to some trust certificates under a municipal tender option bond program. Bear also said it will probably record an $88 million loss to write down goodwill and intangible assets.
NEW YORK (Reuters) - Bear Stearns Cos <BSC.N>, the investment bank being acquired by JPMorgan Chase & Co <JPM.N> after losing its liquidity, on Friday said it will probably incur $288 million of losses in the second quarter stemming from a municipal bond program and a write-down.
In a filing with the U.S. Securities and Exchange Commission, Bear said it recognized $200 million of losses related to some trust certificates under a municipal tender option bond program. Bear also said it will probably record an $88 million loss to write down goodwill and intangible assets.
Bear has yet to report first-quarter results, but on Thursday said it expected them to be "significantly lower" than a year earlier. It expects the merger to close by June 30.
(Reporting by Jonathan Stempel; Editing by Gary Hill)
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