Merrill Lynch to Cut 300 Jobs: Merrill...
From Times Staff and Wire Reports
Merrill Lynch to Cut 300 Jobs: Merrill Lynch & Co. said it will cut about 300 jobs because of the sale of some clearing accounts from the company’s Broadcort Capital Corp. subsidiary to Donaldson Lufkin & Jenrette Securities Corp. Merrill Lynch said in a statement that the “selected staff reductions” would occur at Broadcort and related Merrill Lynch support areas during the next few months. Merrill Lynch said the agreement primarily would affect clearings of Broadcort’s retail-oriented accounts. Clearings are the financial settlements of clients’ securities transactions.
