Merrill may cut deeply
From New York Post
Merrill's cuts may go deeper than the 2,000 layoffs in its brokerage division, according to the paper. Every unit of Merrill is under pressure to improve margins as senior management attempts to up the firm's margins to 24 percent from its current 19 percent over the next three months. This will likely involve cuts everywhere but among the sacrosant fincancial consultant force of 14,000. The goal is to reduce the percent of the firm's payroll ear-marked to compensation (currently 52 percent of revenues).

Why India?
From Wall Street Journal
The Wall Street Journal looks at the challenges of operating funds in the Indian market. All funds in the subcontinent mut be traded in Rupees, they must invest only in Indian securities, rules make it too expensive to operate without an Indian partner, the avergae account size is small and the competition is a government-back fund. So why go there? The article points out that the Indian fund market is expected to grow from $25 billion today to $100 billion in two years. Still, that is a pittance compared to developed markets and still is just 100 per Indian national.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE