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US investment bank Merrill Lynch has offered redundancy packages to nearly 66,000 staff globally, in a dramatic push towards cutting operating expenses and improving profit margins.

Nearly all employees at the bank have been offered packages valued between 12 and 54 weeks of their salaries, and a percentage of their 2000 bonuses, a source from the bank in London told FX Week. Staff electing to take voluntary redundancy must do so before November 9, otherwise

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