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December 3, 2008 1:20:20 PM CST


BlackRock

BlackRock news stories

3 Stories

 UBS Cuts 5,500 Jobs,
 Sells Off $15B in Assets 

Swiss bank prepares to lay off over 2,000 investment bankers

(Newser) - UBS will cut 5,500 jobs, slightly fewer than expected, by the middle of 2009 as part of a major restructuring effort, the troubled Swiss bank said today in announcing an $11-billion first-quarter loss. Some 2,600 of the layoffs will be among investment bankers, mostly in London and New York. UBS will also sell off $15 billion in mortgage-backed securities to BlackRock and plans further sales of its mortgage holdings in the future. More »

More about:  subprime crisis mortgage backed securities UBS layoffs investment bankers BlackRock

John Thain to Be Merrill CEO

Former Goldman honcho took the
NYSE public

(Newser) - Merrill Lynch will name NYSE chief John Thain as its CEO as soon as today, an insider tells the Wall Street Journal . The former Goldman Sachs president, on Merrill’s shortlist since Stan O'Neal was shown the door two weeks ago, was also under consideration for Citigroup’s top post. The move comes as something of a surprise, as Wall Streeters had focused attention on BlackRock CEO Larry Fink. More »

Embattled Merrill Chief Stepping Down

O'Neal will announce departure; Fink leading contender for CEO

(Newser) - Merrill Lynch CEO Stan O’Neal has decided to step down, the Wall Street Journal reports, after days of speculation about his likely ouster following $8 billion in writedowns for the bank, and reports that he had discussed a merger with Wachovia without board authorization. The list of potential successors is headed by Laurence Fink, the chief executive of money manager BlackRock. More »

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