Merrill Lynch, the major investment bank of Wall Street, decalred on Wednesday, that it will cut 650 jobs and it will stop the business of subprime mortgage lending, a business that it was conducting through the financial arm of First Franklin Financial Corp.
Merrill Lynch delared that it is quitting the subprime lending business citing the reasons of worsening market for home loans, which go for home loans to people with poor credit.
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It said it will try to sell Home Loan Services, a unit of First Franklin that handles billing and collections.
Unfortunately, 650 employees of Merrill Lynch will be fired, due to the job cuts in the subprime mortgage crisis.
| It is the latest wall street investment bank to join the list of firing the employees in the subprime mortgage based business. Others that have already done so include the biggies like Lehman Brothers and Morgan Stanley, apart from the so many victims of BNP Paribas funds, Macquerie Bank Socgen and so on. | Table of Contents |
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