Merrill Considers Job Cuts

Merrill Lynch (MER Quote) is considering cutting about 3% of the jobs in its brokerage division, according to The Wall Street Journal.

The newspaper reported Friday that the moves would help the firm deal with the weaker stock market, which has cut into profits at brokerages. It said Merrill may cut 1,000 of the 35,000 positions in the brokerage division. In addition, it may cut jobs in its research group and institutional-securities division.

The Journal noted that the brokerage division cuts could come from support staff, not brokers.