Merrill Lynch continues to cut jobs and restructure its operations in the wake of an announcement this week that its net income plummeted an astounding 52% in the third quarter, according to published reports.
The New York Times reports today that Stanley ONeal, who was picked to head the firm this summer, has appointed new leadership throughout the firm. Each of those executives has been asked to decide in the next two weeks where cuts will be made, the Times reported.
Merrill Lynch has already cut 6,000 jobs this year, the Times report said, and executives are bracing to eliminate more positions. Cuts will likely come from parts of Merrill Lynchs international brokerage operations as well as a substantial fourth-quarter charge against the firms earnings.
Merrill Lynchs third quarter net income fell from 94 cents a share last year to 44 cents a share during this years third quarter, the company reported. Costs from the Sept. 11 terrorist attack on U.S. soil amount to 6 cents a share. Total net income for the third quarter was $422 million.