Flemings, Evercore form pact

Article Abstract:

Robert Fleming & Co., an investment banking services provider headquartered in the UK, has signed an agreement with Evercore Partners of NY, designed to allow both companies to offer their services to each other's clients. Under the terms of the transaction, Flemings will provide advisory and consultancy services to Evercore clients who prefer to have it outside of the North American continent. Evercore, for its part, will be charged with offering similar services to Fleming clients in the US. The move reflects the efforts of both firms to establish more intimate professional relationships without merging their respective operations.

Comment:

Signs agreement with Robert Fleming & Co of UK, designed to allow both cos offer services to each other's clients

United Kingdom, Investment Banking, Strategic alliances, Investment banks, Robert Fleming and Company Ltd., Evercore Partners

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Merrill Lynch to cut 3,400 jobs

Article Abstract:

Merrill Lynch and Co. will downsize its global workforce by 5%, or 3,400 employees, which will include 400 to 450 employees in Europe, mostly in London. The move derives from its intention of cutting its expenses because the firm experienced a net loss of $164 million for the first quarter which ended on Sep. 25, 1998. The company also stated it intends to retrench some staff and cut its technology spending, but excluding its European Monetary Union activities and millenium bug efforts, so that it could earn $500 million annually.

Comment:

To downsize its global workforce by 5%, or 3,400 employees, including 400 to 450 employees in Europe, mostly in London

Europe, Securities Dealers, Labor force information, Merrill Lynch & Company Inc.

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