Merrill Lynch will announce around 1,600 job losses, according to a CNBC report distributed by Reuters yesterday.
The redundancies are thought to be concentrated in trading positions and related areas, rather than investment banking and private client divisions, according to the CNBC report.
Merrill Lynch had 64,000 employees at the end of September this year, so the cuts imply a reduction in the workforce of less than 3 per cent.