Wednesday, 5 March 2008

Merrill Lynch job cut: fires 650 employees, quits subprime mortgage business

Another big bank, another job cut, another victim of subprime mortgage crisis.
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.

Related: BMW Job Cuts , Siemens Job Cut & Morgan Stanley Job Cut

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

No comments:


Copyright Information:
© http://invest-n-trade.blogspot.com
Please see Our Copy Right Policy. All the articles, posts and other materials on this website/blog are copyrighted to the owners of this portal. The content should NOT to be reproduced on any other website or through other medium, without the author's AND owners' permission.

DISCLAIMER: Before using this site, you agree to the Disclaimer.

About UsAdvertise with UsCopyRight Policy & Fair Use GuidePrivacy PolicyDisclaimer