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Troubled Wall Street brokerage Merrill Lynch is to cut 4,000 jobs after booking $9.7bn (£4.85bn) of sub-prime related write-downs and recording its third quarterly loss in a row.
The job cuts are equivalent to 10pc of the bank's worldwide staff, with the biggest losses expected in fixed income and other parts of the investment banking
Merrill Lynch: 50pc drop in past year
However, in London, where the bank employs 4,500 staff, the cuts will be slightly less than 10pc, due to the fact that less departments have been impacted by the US sub-prime crisis, meaning around 300-400 jobs will be lost.
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