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Merrill Lynch in job cuts
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March 30, 2001: 5:03 p.m. ET
Wall Street firm to cut staff, joins J.P. Morgan Chase, Robertson in layoffs
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NEW YORK (CNNfn) - Merrill Lynch will be joining other Wall Street firms in plans to cut staff, which will affect most, but not all, units of the firm, CNNfn.com has learned.
New York-based Merrill will begin "reallocating resources," cutting staff. However, a total number has not been determined, a person familiar with the situation said.
The venerable Wall Street firm has not set a timetable for the layoffs and does not plan to implement across-the-board cuts. Instead, Merrill will selectively cut positions, which will affect the investment banking unit, the person said.
Merrill Lynch (MER: Research, Estimates), which employs about 72,000 people, announced last July that it would reduce its U.S. private client group by 2,000 people. In January, the firm disclosed it would be eliminating 60 positions in its research group. Both reductions have been made, a spokesman said.
On Friday, press reports said Merrill would be dismissing about 150 investment bankers, a 7 percent to 8 percent cut of the banking division.
 Merrill declined to comment.
Wall Street firms have recently announced cutbacks due to the economic downturn. Last Tuesday, J.P. Morgan Chase & Co. laid off nearly 60 junior level bankers. New York-based J.P. Morgan Chase (JPM: Research, Estimates) has already made half of the 5,000 job cuts it planned as part of the $33 billion merger of Chase Manhattan Corp. and J.P. Morgan & Co., and expects to complete the task this year.
Robertson Stephens, the securities unit of FleetBoston Financial Corp., laid off about 80 people, or 5 percent of its work force, during the first part of last week. Earlier this month, Morgan Stanley Dean Witter & Co. asked managers of various divisions of the company to compile lists of employees who could be laid off. Bear Stearns Cos. Inc. is also laying off 400 employees, or more than 3 percent of its work force, as part of its restructuring effort.
Shares for Merrill Lynch lost 10 cents to $55.40 Friday while J.P. Morgan gained $1.90 to $44.90. 
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