Wednesday, March 26, 2008

Merrill (Lynch) is about to commence laying off between 10 – 15% of staff

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....

Posted by runforestrun @ 03:52 PM (573 views)
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