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Technology Stocks : Intel Corporation (INTC)

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To: Tony Viola who wrote (64650)	9/13/1998 6:39:00 PM
From: VICTORIA GATE, MD	Read Replies (1) of 186894

Tony Viola Sunday September 13, 1:45 pm Eastern Time Merrill Lynch to cut 300 jobs - paper LONDON, Sept 13 (Reuters) - U.S. investment bank Merrill Lynch & Co. Inc. will begin making job cuts this week after posting big losses in emerging markets trading, the Sunday Business newspaper reported. The paper said Merrill will cut up to 300 jobs, with its capital markets division likely to be hardest hit. It quoted unnamed sources in New York as saying Merrill's fixed income division could also suffer job cuts. A global hiring freeze had also been put in place, the report said. Merrill Lynch could not be reached for immediate comment on Sunday. Earlier in the week, the investment bank said it lost an estimated $135 million net from its emerging markets in July and August. As a result, Merrill earned an estimated $102 million net profit in the period, which was less than a fifth of the $545 million the company made during the second quarter, below Wall Street expectations.

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