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Brokerage looking at cutting 2,000 jobs

Friday, July 7, 2000 | 11:25 a.m.

THE ASSOCIATED PRESS

NEW YORK -- Shares of Merrill Lynch & Co., the world's largest securities firm, fell today following a published report that the company is considering cutting as many as 2,000 jobs, or about 2.9 percent of its worldwide work force.

The Wall Street Journal, citing unidentified people familiar with the plan, said Merrill is considering eliminating the jobs from its flagship brokerage division in a cost-cutting measure.

The move could save the firm as much as $150 million a year, according to the newspaper.

A company spokesman said Merrill would have no comment on the report.

Merrill's shares were down $3.688, or 3 percent, at $120.375 in midday trading.

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