Merrill Lynch insisted that it has not gone too far in cutbacks as the bank confirmed a reduction of its workforce by 9,000 and said it would take a $2.2bn (€2.5bn) charge.
David Komansky, Merrill's chief executive and chairman, and Stan O'Neal, the bank's president, have been forced to defend the extensive cutbacks after announcing 9,000 job cuts on Wednesday through what the bank described as "a combination of divestitures, voluntary separation and managed reductions".
