Merrill Says 2,900 Accept Buyout
Nov. 16, 2001
NEW YORK (AP) _ About 2,900 workers for Merrill Lynch & Co. have accepted a buyout package the brokerage offered in an attempt to reduce its costs, the company said Friday.
Merrill Lynch offered the buyouts last month to about 50,000 of the firm's 65,900 workers, said Selena Morris, a company spokeswoman.
The package includes 12 to 54 weeks of salary based on the amount of time employees have spent with the company, and 40 percent of each employee's incentive compensation bonus for 2000.
The company does not have an overall headcount reduction target, Morris said. If Merrill Lynch decides more job cuts are needed, employees who lose their posts would get the same compensation package received by the workers who took the buyout.
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