98% Profit Drop at Merrill Lynch
NEW YORK — Merrill Lynch & Co.’s fourth-quarter profit plunged 98% from that of 1986 because of costs from employee cutbacks and a $55-million loss resulting from the October stock market crash, the giant investment firm said today.
Merrill Lynch reported net income of $3.5 million, or 2 cents per share, in the three months ended Dec. 31, compared with a profit of $182.8 million, or $1.70 per share, in the year-earlier quarter. Revenue during the period also fell, to $2.7 billion from $2.8 billion. The company said its fourth-quarter results reflected a $47.4 million pretax charge for employee severance expenses stemming from recently announced layoffs and an early retirement program.
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