Thursday, Apr 17, 2008
ML yet to specify how many jobs will be axed in the City of London.
Guardian: Merrill Lynch to cut 4,000 jobs
Merrill Lynch, the US investment bank at the centre of the sub-prime mortgage crisis, is to axe 4,000 jobs - one in 10 of its workforce, as it continues to count the cost of its involvement in the products at the heart of the credit crunch. The firm, known as the "thundering herd", reported a first quarter loss, after taking an additional $9bn in write-downs for sub-prime mortgages, loans and other risky assets, of $1.96bn (£980m). This contrasts with $2bn of profits in the first quarter of last year. Shares in the bank fell 1.7% to $44.12 in early trading on Wall Street this afternoon.
Posted by jack c @ 03:55 PM (414 views) Add Comment
4 Comments
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1. doomwatch said...
I believe they have already axed 1000 since last year end, so another great accurate piece of jornalism.
2. Simplysam said...
With the finance jobs going in UK and States, there will be many who have make a good size bag of money and will be out there looking for jobs..What about migrating to Dubai.. Lots of new buildings which need to be sold or rented out. There is oil and money..They can start a new boom & bust over there!
3. Fausetr said...
I wondered if anyone can explain why most bullish house price commentators state that house prices will remain robust going forward because 'unemployment is so much lower than during the last HPC'?. Surely it is more concerning this time round as house prices are falling despite low unemployment. As we are at such a low starting point, unemployment can either remain roughly the same or rise (as we are already seeing in the City). I am not sure this has made much sense to anyone but it is something that has puzzled me for a while.
4. alan said...
My mate has taken the re-structuring offer. He got a good package from ML.
Currently gardening.....