Merrill Lynch, the U.S.'s second-largest securities firm, has announced that 650 jobs will be cut and new home loans will no longer be made through First Franklin Financial. Most of the cuts will be made at the First Franklin office based in San Jose, California; however, around 70 employees there will remain to take care of past loans.
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And Merrill isn't the only financial company slashing jobs. Others have included Bear Stearns Cos, Lehman Brothers Holdings Inc, and Morgan Stanley. Most of the cuts can be attributed to the nation's housing slump.
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