Merrill Lynch losses may touch $8 billionApril 16th, 2008 - 5:17 pm ICT by admin
New York, April 16 (DPA) US investment bank Merrill Lynch is expected to report further losses of between $6 billion and $8 billion as a result of the international financial market crisis, the Wall Street Journal’s online edition reported Wednesday. This will mean the third quarterly loss in a row, the report said, citing a “person familiar with the matter,” bringing its total since October to over $30 billion.
Merrill Lynch is now planning a cost-cutting programme which includes job cuts of 10 to 15 per cent in some areas, according to the report.
The investment bank is due to report its results for the first quarter of 2008 Thursday.