The Press Association: Merrill Lynch axes 4,000 jobs

The Press Association: Merrill Lynch axes 4,000 jobs: "A major investment bank hit by the credit crunch cast a shadow over the City after unveiling thousands of job cuts.

US giant Merrill Lynch, one of the main casualties of the sub-prime crisis, said it was axing 4,000 staff in a bid to save hundreds of millions of dollars a year."