Firms in the firing line

?Last week

? Merrill Lynch, which has been hit by a major scandal on Wall Street for giving questionable advice to clients, has offered voluntary redundancy to all staff in a bid to cut 15,000 jobs worldwide, 20 per cent of its workforce.

? Credit Suisse First Boston has cut its worldwide staff by 2,800 in the six months to March and forced some of its big hitters to accept inferior contracts. Incoming chief executive John Mack "The Knife" was hired to cut pay, which is high even by the standards of investment banking.

? Dresdner Kleinwort Wasserstein has sacked 200 staff, saying their services are no longer required because business is subdued and costs too high.

? JP Morgan Chase has cut staff by 9,000 worldwide, about nine per cent of its workforce, including cuts in London.

? Goldman Sachs has cut 500 staff worldwide; a small number has left its Fleet Street offices.

? Schroders, the fund management group is looking to reduce costs by shedding 600 staff, under its new broom Michael Dobson.