Merrill Makes Cuts in Japan

摘要

Tokyo―Yielding to a souring Japanese economy and sinking stock market, Merrill Lynch & Co. said it will close 20 of its 28 retail branches across Japan, and cut the retail unit's staff by about two-thirds. The move, which was expected, comes as Merrill has been scaling back its worldwide network of retail outlets amid a massive corporate overhaul. It also comes as several other foreign financial companies have closed or cut back Japanese operations in recent months, as individuals have been reluctant to take the risk of investing their savings in stocks and bonds amid a prolonged recession.