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 O’Neal, 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.

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