Business Services Industry
Merrill ends alliance with HSBC Group.
Australasian Business Intelligence, May, 2002
May 19, 2002 (The Australian Financial Review
ABIX via COMTEX) -- Merrill Lynch and HSBC started a joint online broking venture two years ago. Merrill Lynch, which has spent $US200 million ($A363 million) on the enterprise, has decided to withdraw from the venture following a review of its international retail operations. Merrill Lynch's earnings have fallen for five quarters in a row, resulting in cost-cutting initiatives such as shedding a fifth of its staff. The joint venture had been making a loss. HSBC will incorporate the online broking enterprise into its own business. This should benefit the firm in Australia, where the dominant online brokers are all connected to a bank.
Publication Date: 20 May 2002
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