Merrill Lynch & Co denied a newspaper report that it has reduced its private-banking operation in Taiwan to 14 employees as part of a global business reorganization.
Merrill has more than 50 employees at its private-banking unit on the island, it said in an e-mailed statement. "There are no current plans to change staffing levels there" it said, without saying whether it has cut staff in the past.
The Chinese-language media reported today that Merrill had fired about 20 employees, or three-fifths of its staff, in its Taiwan private-banking unit, leaving 14 people to provide basic services.
The report didn't identify the source of its information.
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