Merrill Job Cuts
Has anyone heard anything about the job cuts announced after the earnings release? Which units are going to be impacted?
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According to Reuters: S&T, IBD, and operations.
Shutting down the structured-finance division that created the CDOs. ML is also cutting 3000 people in addition the 1000 annouced earlier. According to Bloomberg, First Franklin (acquired by ML last year) is now down to 80 people from 2300!!!
Moody's may downgrade Merrill Lynch
By Sue Chang Last update: 11:21 a.m. EDT April 17, 2008Print RSS Disable Live Quotes
SAN FRANCISCO (MarketWatch) -- Moody's Investors Service on Thursday placed Merrill Lynch and Co.'s (MER:Merrill Lynch %26 Co., Inc Long-term ratings of A1 and its subsidiaries on review for downgrade and affirmed the financial firm's short-term ratings of Prime-1. The review is in response to continued deteriorating conditions in the mortgage market and the increased expected losses on Merrill's portfolio of super-senior collateralized debt obligations and related guarantor hedges as measured in Moody's stress tests. "Management at Merrill Lynch is focusing on the right issues for the rating -- liquidity, capital and de-risking the balance sheet, however the mortgage market is not cooperating" said Peter Nerby, a senior vice-president at Moody's
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