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Entire Wave workforce’s jobs on the line

Merrill Lynch has confirmed that up to 30 jobs are at risk at its sub-prime lender Wave but denied it is about to axe the brand.

Wave chief executive Colin Snowdon would not comment on the issue, but Merrill Lynch has confirmed that between 25 and 30 employees have been told that their jobs are at risk and under review.

Previous reports by Money Marketing estimated that the lender had cut its staff down to just 30, from 165. Merrill Lynch has denied that all the staff were at risk at this time.

Earlier this year it was reported Merrill Lynch were to make 200 redundancies across the two firms and cut 4,000 staff across its global operations.

In April 2008 Merrill Lynch axed its other sub prime mortgage brand, Mortgages PLC.

Wave, previously known as Freedom Lending, was sold to Merrill Lynch by Freedom Finance for £25m in 2006. It became Wave in June 2007. Earlier this year it stopped all new business but still services existing mortgages.


Adviser academy for flex benefits

Employee benefits firm Staffcare is hosting a flex academy for advisers wanting to develop their knowledge on flexible benefits.

Make a difference

September sees the inaugural Financial Planning Week in the UK. While organised by the IFP, this is designed to be the start of a consumer education programme in financial planning.

India Election Update

What a difference six months makes. Speaking in September last year, we had warned of ‘excessive pessimism’ afflicting the market’s perception of India. Since then, responsible central bank policy from the Reserve Bank of India (RBI), alongside improving global growth, has meant that India’s macro environment is strengthening quickly. The current account deficit has shrunk, inflation is falling and the government has embarked on a heavy dose of much needed fiscal consolidation. As a result, the rupee has been one of the strongest global currencies this year while the market has touched all-time highs, rallying by more than 20 per cent (GBP) since September. This begs the question: are we now in a period of ‘irrational exuberance’? Not yet.


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