Merrill Lynch HSBC to shed 150 staff

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The bank, which is headed by Margaret Barrett, an American, is to cut its staff number by about 150. It is believed that delays in completing the technology platform for the $1bn (€1.10bn) joint venture, which have slowed the client take-up, are responsible for the cost-cutting.

However, a large proportion of employees originally worked for either Merrill Lynch or HSBC, and the joint venture is in talks with its parents about ways to allow some to return to their original jobs.

A spokesman for Merrill Lynch HSBC declined to comment on the numbers involved, but Merrill Lynch HSBC employs about 600.