Report: Merrill to layoff up to 15%
Merrill Lynch & Co. Inc. is planning to slash its work force by 10% to15% sometime in May, CNBC reported.
Merrill Lynch & Co. Inc. is planning to slash its work force by 10% to15% sometime in May, CNBC reported.
Chief executive John Thain is expected to decide the extent of the layoffs — which will not include brokers — by the end of April, the CNBC report said.
For the fourth quarter, the New York-based company reported a record loss of $9.83 billion, or $12.01 per share, due to a $16.7 billion write-down stemming from the subprime-loan meltdown (InvestmentNews Jan. 17).
Late last month, JPMorgan Chase & Co. analyst Kenneth Worthington cut his 2008 profit forecast for Merrill by 45% due to expected future write-downs (InvstmentNews March 25).
Regarding the reported layoffs, Merrill Lynch spokeswoman Jessica Oppenheim said it is not the company’s policy to comment on speculation or rumors.
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