The New York Post reports that three senior high profile employees have been dismissed as the firm reorganises its analyst operations.
The casualties are chief economist Bruce Steinberg, senior financial strategist David Horner and senior international economist Matthew Higgins. Steinberg is a well-known voice on Wall Street. He is a former editor at Fortune Magazine and was an economics professor at Rutgers University. Until recently he has been bullish about the US economy.
Martin Fridson, a chief high-yield strategist, also left the bank last week. Merrill Lynch has cut 18,600 jobs in the last two years, including 1,200 in the last quarter. The firm is believed to be undertaking a major review of its research and analytical operations.