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Merrill Lynch to cut 4,000 jobs worldwide

Merrill Lynch has revealed plans to cut 4,000 jobs worldwide and a loss of $1.96bn (£1bn) in its Q1 results.

The job cuts make up about 10% of staff and the loss compares with a profit of $2.1bn in Q1 last year.

The results included $4.5bn in write-downs on sub-prime mortgage-backed investments and other high risk assets.

Merrill Lynch, which owns Mortgages PLC and Wave in the UK, has already reported write-downs of more than $24bn in previous quarters.

John Thain, chairman and chief executive officer of Merrill Lynch, says: “Despite this quarter’s loss, Merrill Lynch’s underlying businesses produced solid results in a difficult market environment.

“The firm’s $82bn excess liquidity pool has increased from year-end levels and we remain well capitalised. In addition, our global franchise is positioned strongly for the future, and we continue to invest in key growth areas and regions.”


B&B denies rights issue rumours

Bradford & Bingley has denied reports that it plans to raise hundreds of millions of pounds in a rights issue. Reports say the lender is looking to launch the rights issue on April 22 at the latest.

HBOS to review proc fees

HBOS is reviewing its proc fee levels, with Halifax’s set to tumble by 0.03% and BM Solutions’ by 0.05%.

Navigating volatility

The making of any fund can be seen in how it responds to crises and opportunities. In this short video, Head of Multi Asset at Royal London Asset Management Trevor Greetham outlines how the Royal London Global Multi Asset Portfolios or GMAPs navigated through Brexit and the US election cycle. He also highlights the importance […]


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