Merrill To Cut 10 to 15 Percent of Investment Banking Divisi

by Derek Loosvelt | March 25, 2008

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Today, Dealbreaker reported that Merrill Lynch will soon announce plans to cut between 10 to 15 percent of its investment banking division (that is, about 300 of its 2,100 bankers).

"The layoffs are expected to be wide-ranging, taking aim at various industry and product categories at all levels of Merrill’s investment banking division," according to Dealbreaker. "The cuts will likely be the heaviest among its senior officers, namely, directors and MDs, according to one person familiar with the plan."

Sources also tell Dealmaker that Merrill will soon be announcing another huge write-down, in the $8 billion range

Filed Under: Finance

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