Dublin base not affected by Merrill Lynch cuts

A major restructuring of Merrill Lynch, which will result in 9,000 job cuts worldwide, will not affect its Dublin operation, the company said yesterday.

Merrill, which is licensed to operate in the International Financial Services Centre in Dublin, employs 180 in the Republic. Mr Chris McGale, relationship manager for Ireland, said the company hoped to increase the number of employees it had in the Republic as a result of new business and the relocation of existing business from other European locations.

Aggressive cutbacks by the company, which have now been finalised, will cost $2.2 billion (€2.46 billion) and bring $1.4 billion in savings per annum. Of the total cost, $1.2 billion is to be targeted at severance costs.

In a statement yesterday, Merrill Lynch chairman and chief executive, Mr Dave Komansky, said the company experienced challenges in 2001 which were "unimaginable a year ago". He said the company was moving aggressively to make Merrill Lynch "leaner, more competitive and more focused" on serving clients. He said fourth-quarter net revenues for 2001 were expected to be 8 per cent below those of the third quarter. He added:"We are very optimistic for Ireland. We very much see Ireland as part of Merrill Lynch's plans for Europe."

The Dublin operation, Merrill Lynch Capital Markets, was "very successful", he said.