Merrill Lynch cuts global workforce

first_img Previous Article Next Article Investmentbank Merrill Lynch has sent e-mails to all of its 65,000 staff asking them toconsider taking voluntary redundancy.Theinvestment bank, which has staff in 44 countries, has asked all employees fromsecretaries to analysts and brokers to consider the offer.TheUS company is offering 12 to 54 weeks’ salary, depending on length of service,and staff have been given a few weeks to decide.MerrillLynch’s third-quarter results revealed that its year-to-date operating earningswere $1.9bn, 35 per cent lower than the first nine months of 2000.Itemploys around 8,000 staff in the UK and the City of London is its headquartersfor Europe, the Middle East and Africa.Acompany spokesman said, “We are reviewing all areas of business to ensurethey are sized properly for the market opportunity at the moment. The marketcondition is a major factor of that.”Thecompany would not comment on how many positions it is hoping to lose. Related posts:No related photos. Merrill Lynch cuts global workforceOn 30 Oct 2001 in Personnel Today Comments are closed. last_img read more