Striving to cut costs, Wall Street investment firm Merrill Lynch & Co. Inc. said it plans to reduce its workforce by 900 employees, including 150 technology consultants.
The cuts, announced yesterday, will reduce the number of employees in the company's Investment Management division by 20 percent, from 4,500 to 3,600, according to spokeswoman Selena Morris. Most of the cuts have already been made.
Morris declined to comment on the kind of jobs the technology consultants held at Merrill Lynch and wouldn't say who would take over those duties.
She said the firm cut 350 employees by partnering with Boston-based State Street Corp., which now provides services for Merrill Lynch's mutual funds.
The other 400 job cuts will be made by outsourcing back-office and accounting operations and through attrition, Morris said.