While Merrill Lynch professes to be bullish on America, Donald Regan, chairman of the largest brokerage of all, has more ursine feelings these days about Merrill Lynch. With trading volume fading and profits dwindling throughout the securities business, Regan has pared the salaries of Merrill Lynch's 140 highest executives by 10% to 20%. The cuts are expected to save about $900,000 a year and impress the 20,000 other employees with the need for economy.
The reductions are only part of a year-old effort to shrink overhead at Merrill Lynch, which is considered one of the best-managed firms in the business. Merrill Lynch...
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