Any request for an exception to one of the above actions must be presented in writing to the Management Committee by an executive sponsor with the title Senior Vice President or higher. Approval of an exception can only be made by a member of the Management Committee.

Typically, the majority of the firm's hiring occurs during the first and second quarters of the year with the third and fourth quarters progressively tapering off. To ensure Merrill Lynch is well positioned in 2009, the Management Committee is working on strategic growth plans consistent with our business priorities. The growth plans will provide us with a blueprint for where our hiring activity will be focused in 2009.

Finally, The Financial Times reports that the $29bn Merrill has lost in the last 12 months could result in the firm being able to offset some $8bn against future UK tax liabilities. The newspaper reports that most of the firm's losses have been booked through its UK subsidiary and that, should Merrill make future profits based 2006 levels, the UK business may not have to pay corporation tax for as long as the next 60 years!

If you have any questions, please contact your Human Resources representative'

Please use the 'E-Mail' button immediately under the article title to send this item to a friend.

Sources - The Financial Times, The New York Times