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Article: Merrill Lynchs Planned Job Cuts Threaten Tax Breaks in New Jersey.(Knight Ridder/Tribune Business News)
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- July 12, 2000
- Author:
CopyrightCOPYRIGHT 2000 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Jul. 12--Merrill Lynch & Co.'s planned job cuts could effect an estimated $6.4 million in payroll tax breaks the state has agreed to provide the securities firm, state officials said yesterday.
New York-based Merrill Lynch is reported to be preparing to eliminate as many as 2,000 jobs, or about 5.4 percent of the total, from its brokerage unit in an attempt to save as much as $150 million a year. The cuts, which would save the firm as much as $150 million a year, could be focused on its New Jersey administrative offices.
Company officials won't confirm the action. Merrill Lynch employs about 37,000 people, including 11,000 in New Jersey.
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