Wednesday, Mar 26, 2008
Merrill (Lynch) is about to commence laying off between 10 - 15% of staff
hereisthecity.com: Under Pressure - Another Top Firm In The Spotlight
It was Merrill Lynch's turn in the spotlight Tuesday, as analysts revised their views on the firm's immediate prospects. Merrill's shares closed 1.1% down, after Fox-Pitt Kelton analyst David Drone said that the firm is likely to post a first quarter loss, and may end up writing down another $8bn in assets. There are, however, no liquidity concerns.
In the meantime, JPMorgan analysts lowered Merrill's earnings estimates 45%, predicting write-downs of some $5.1bn. UBS analysts are now also predicting that Merrill will post in loss in the first quarter.
And Trader Daily reports that Merrill is about to commence laying off between 10 - 15% of staff in its investment banking unit....
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