Report: Merrill to ax 1,600 workers
The Wall Street firm could eliminate 10% of the staff in its trading division, CNBC reported.
Merrill Lynch & Co. may cut about 1,600 positions, according to a CNBC report.
Aside from expecting up to $15 billion in write-downs and a 60% to 80% cut in bonuses for workers in the mortgage area, the Wall Street firm could eliminate 10% of its staff in the trading division, CNBC’s Charles Gasparino reported.
That would amount to approximately 1,600 positions.
He said the information came from sources within Merrill.
The firm neither confirmed nor denied the report, saying that nothing has been announced in the way of job eliminations. “As a policy, we don’t comment on speculation or rumor,” said Merrill spokeswoman Danielle Robinson.
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