Merrill Lynch Job Cuts and Write-downs

Merrill Lynch Reports First-Quarter Loss, Planned Job Cuts

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Merrill Lynch & Company will eliminate 2,900 jobs as it struggles to recover from its third consecutive quarterly loss which it announced on Thursday.

The company said it was taking $6.6 billion in write-downs related to mortgages, collateralized debt obligations and generally badly underwritten commercial loans, resulting in a first quarter loss of $1.96 billion or $2.19 per share. Another $3.1 billion was written down because of mortgage-related securities but was accounted for elsewhere.

With the current figures, Merrill has now reported net losses over the last three quarters to $14 billion. This equals what the bank earned in 2005 and 2006.

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Merrill Lynch Reports First-Quarter Loss, Planned Job Cuts

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