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Current DateTime: 01:59:12 26 Nov 2009
LinksList Documentid: 24355697
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Current DateTime: 01:59:12 26 Nov 2009
LinksList Documentid: 33793611
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Current DateTime: 01:59:12 26 Nov 2009
LinksList Documentid: 24890560
  • Winterizing Your Portfolio

      If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.

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Merrill to Cut Up to 10% of Non-Broker Staff
By: Charlie Gasparino,, On-Air Editor | 02 Apr 2008 | 01:59 PM ET
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Merrill Lynch is now planning to cut 10 percent to 15 percent of its workforce—excluding brokers—sometime in May, CNBC has learned.

Merrill Lynch [MER  Loading...      ()   ] CEO John Thain is expected to complete his review of headcounts at the Wall Street firm by the end of the month. (Video: Charlie Gasparino on Merrill's cuts)

Unlike in the past, Merrill is not planning to make any major announcement about the layoffs. The firm is hoping to make the cuts as quietly as possible. Job cuts are likely to grow at other Wall Street firms due to the sharp slowdown in business.

Lehman Brothers Holdings [LEH  Loading...      ()   ], for example, is likely to cut closer to 10 percent of its workforce rather than the 5% previously reported.

Lehman employed about 28,600 people as of Nov. 30, 2007, according to the company's most recent annual report.

More on layoffs: Celent Sees 200,000 Banking Jobs at Risk and Surprise! Private Sector Sees Job Growth.

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