Merrill Layoffs Coming, Report Says

The writedown-hammered firm could let up to 15% of its non-broker workforce go, according to <I>CNBC</I>.
By TSC Staff ,

Merrill Lynch

(MER)

may cut as much as 15% of its non-broker workforce next month,

CNBC

reported Wednesday.

CEO John Thain, who took over for ousted Stanley O'Neal late last year, is expected to finalize a review of headcounts by the end of this month, the business network reported. The firm employs 64,200 people worldwide including 48,700 in the U.S., according to its most recent annual report.

Merrill, along with

UBS

(UBS) - Get Report

and

Citigroup

(C) - Get Report

, has been among the hardest hit firms in the global credit crisis that has choked markets since last summer. UBS on Tuesday said it would

write down $19 billion more

in assets tied to shaky mortgages.

A Goldman Sachs analyst on Tuesday also

predicted more writedowns from Citi and Merrill in the first quarter.

This article was written by a staff member of TheStreet.com.

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