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Hiring Freeze at Merrill Lynch – Report
Nick Parmee
15 August 2008
After $45 billion of write-downs at Merrill Lynch, hiring has been barred up to the year end, according to an internal memo seen by Reuters. The ban includes both replacements and posts previously in the budget, but does not apply to retail brokers. As Merrill Lynch does most of its hiring in the first and second quarters, according to the memo, the firm is re-examining its 2009 hiring priorities.
Merrill Lynch cut 4,200 jobs in the first half of the year. Chief executive John Thain has said that he expects the company to return to profitability soon.