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April 17, 2008

Mother Merrill Lynch Throws 3,000 Employees Out the Door

Merrill Lynch & Co. posted a $6.5 billion on mortgage writedowns, the third straight quarterly loss. Mother Merrill Lynch, as people who worked there used to call it, announced shortly after that it is cutting around 3,000 jobs. CEO, John Thain, said today he is expecting to face even more difficult months going forward.

Merrill Lynch’s stock has lost half its value in the past twelve months, and maybe even more importantly, its total revenue fell 69% and now stands to $2.9 billion in the first three months of 2008 compared to the same period a year earlier.

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