City in Front Line as the Jobs Cull Spreads ; ECONOMY
Hugo Duncan, Lucy Tobin, The Evening Standard (London, England)
BRITAIN was hit by yet another wave of job cuts today less than 24 hours after Gordon Brown launched a package to help 500,000 back into work.
Much of the misery was felt in London, where Merrill Lynch and its new owner Bank of America are preparing to axe about 1900 staff in one of the biggest single culls in the history of the City.
The combined firm is looking to shed 30% of its workforce in London with many staff told to reapply for their jobs last week.
Merrill employs 4500 in its European headquarters at St Paul's, while Bank of America has 1700 working in the capital. The cuts are part of a plan to cut between 30,000 and 35,000 people …
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Publication information:
Article title: City in Front Line as the Jobs Cull Spreads ; ECONOMY.
Contributors: Hugo Duncan, Lucy Tobin - Author.
Newspaper title: The Evening Standard (London, England).
Publication date: January 13, 2009.
Page number: 27.
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