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23 Oct 2001
Investment bank Merrill Lynch has asked all of its employees to consider voluntary redundancy packages.
Emails sent out to all 65,900 staff, from secretaries to analysts, after close of play yesterday, offered terms of departure based on length of service with a minimum of 12 weeks' salary and a maximum of 54.
Further reading
The company employs around 8000 people in the UK alone.
Merrill Lynch is apparently seeking to cut around 10,000 positions as part of a global overhaul in the face of a slow market economy.
The announcement comes on the back of a 41 per cent collapse in second quarter profits, caused by stock market instability.
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