Merrill bleeds billions, cuts 3,000 jobs
Merrill Lynch & Co. Inc. reported a first-quarter loss of $2 billion, or $2.19 per share - its third consecutive quarterly loss.
Still reeling from the credit crunch, Merrill Lynch & Co. Inc. today reported a first-quarter loss of $2 billion, or $2.19 per share — its third consecutive quarterly loss.
The New York-based giant earned $2.11 billion, or $2.26 per share, in the first quarter of 2007.
In a conference call today, chief executive John Thain described the most recent period, in which revenue tumbled 69% to $2.93 billion, as being “as difficult a quarter as I’ve seen in my 30 years on Wall Street,” according to Crain’s New York Business.
He said the company will cut 3,000 jobs in addition to the 1,100 already slashed this year.
Over the past nine months, Merrill has suffered $14 billion in mostly subprime-related losses.
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