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Wave to cut around 20 jobs due to credit crunch

Merrill Lynch subsidiary Wave has confirmed it will be cutting around 20 jobs due to the credit crunch.

A spokesman for Mortgages Plc, Merrill Lynch’s other subsidiary, says he is not aware of any potential job cuts at the lender.

He says it cannot know for sure exactly how many jobs will be cut but it is currently going through a consultation process.

He says the fallout from the US sub-prime crisis has meant Wave has had to gear back business volumes.

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