Merrill Lynch & Co Inc may be the latest financial services company to raise capital, but it’s unlikely to be the last.

U.S. investment banks have been burning through capital as they write down subprime mortgage bonds and other debt.

While analysts believe large U.S. banks and brokers are mostly done with capital raising for now, bond insurers and regional banks may follow the same path over the next several months. The amounts needed will depend on how many write-downs are yet to come.

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