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The company added about 5,000 employees in the third quarter, Borthwick said after the company reported a 9% drop in third-quarter profit on Monday.
It hired specialists and salespeople in its consumer division, while also recruiting several hundred employees in its Merrill Lynch unit, alongside separate staff for risk and control functions.
When asked if the company would cut staff in its investment banking arm, Borthwick said, “No — at this stage, we’ve been very purposeful in terms of building out our investment-banking coverage and footprint in the U.S. and overseas.”
