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The job reduction is among the largest ever in the biotechnology business.
The job reduction will affect employees in Denver and Sunnyvale, Calif.
The job reduction news was part of the company's announcement of 1999 annual results on Monday, after the stock market had closed.
To cover severance and other costs related to the job reduction, the company will take an $800 million charge against earnings this year.
Special charges included $1.6 billion related to changes in the pension plans and $80 million for severance and related costs associated with job reduction.
Many are in the uncomfortable position of having to add staff to their risk and compliance units just as they go through a grueling job reduction program.
Similar(47)
The goal is 100 job reductions.
The job reductions come as Merrill overhauls its biggest businesses.
"We have no plans to make any job reductions.
Planned job reductions among telecommunications companies more than doubled in June, to 30,455.
Job reductions at foreign banks or closings of divisions now routinely roil the financial industry here.
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