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Merrill Lynch to cut 4,000 jobs in bid to save $800 Million

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girl gone mad Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-17-08 06:11 AM
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Merrill Lynch to cut 4,000 jobs in bid to save $800 Million
Merrill Lynch to cut 4,000 jobs
By Steve Goldstein
Last update: 6:58 a.m. EDT April 17, 2008

VIENNA (MarketWatch) -- Merrill Lynch said it is planning to cut headcount from year-end levels by about 4,000 employees, or 10% of its workforce excluding financial advisers and investment associates. The job cuts will be targeted at global markets and investment banking and support areas. Cost savings from this reduction are expected to be approximately $800 million on an annualized basis, including approximately $600 million for the remainder of 2008. As a result, the firm expects to record a restructuring charge of approximately $350 million in the 2008 second quarter.

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B8EEA3517%2D7526%2D4245%2D9F8E%2D275221C473CD%7D&siteid=mktw
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fasttense Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-17-08 06:34 AM
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1. $800 million? Isn't that what their CEO got in bonuses last year?
Seems to me they should layoff the CEO. It would be a lot easier.
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Art_from_Ark Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-17-08 10:32 PM
Response to Reply #1
2. But it wouldn't benefit the fat cats
and that's what it's all about
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