Merrill Lynch has added its name to the list of investment banks considering job cuts as desperate market conditions lead to further redundancies across the globe.
The US bank said the haste with which it is reviewing its businesses is "accelerating" as market conditions continue to worsen. It said in a statement: "Throughout this year, in a deteriorating revenue environment, we've been engaged in a review of all of our businesses to make sure they are sized properly for the market opportunity. While the pace of this review is accelerating, decisions will be made business-by-business and we have no overall company-wide headcount-reduction target."
