Merrill Said To Plan 599 Job Cuts In Trading Division


	Merrill Said To Plan 599 Job Cuts In Trading Division

Forbes Markets

10-20-2008 6:27 PM

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merrill lynch, job cuts, credit crisis

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/8ceccb0c-c608-4631-a59e-309bd339d996/1B46246C-75A1-4A2C-AB11-CB8938CF1E6E/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.bloomberg.com/apps/news?pid=20601087&sid=aZWtI84aDv2g&refer=home" href="http://www.bloomberg.com/apps/news?pid=20601087&sid=aZWtI84aDv2g&refer=home" style="font-size: 11px;">www.bloomberg.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.bloomberg.com/apps/news?pid=20601087&sid=aZWtI84aDv2g&refer=home"><P><A href="http://www.bloomberg.com/apps/quote?ticker=MER:US">Merrill Lynch & Co.</A>, the biggest
U.S. brokerage, plans to cut about 500 jobs in its trading
division as Chief Executive Officer <A href="http://search.bloomberg.com/search?q=John+Thain&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1">John Thain</A> shrinks the
workforce to gird for a recession, three people with knowledge
of the plan said.     </p> <P>Merrill may notify affected employees as soon as this week,
according to the people, who declined to be identified because
the decision hasn't been disclosed publicly. The cuts, which
make up about 1 percent of New York-based Merrill's 60,900
employees, will be global and include traders and institutional
salespeople in the firm's fixed-income and stock departments,
two of the people said.     </p> <P>Merrill spokeswoman <A href="http://search.bloomberg.com/search?q=Jessica+Oppenheim&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1">Jessica Oppenheim</A> declined to comment.     </P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/1B46246C-75A1-4A2C-AB11-CB8938CF1E6E/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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