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Merrill to exit ag futures
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January 12, 2000: 5:35 p.m. ET
Investment bank says it wants to focus on core financial instruments business
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NEW YORK (CNNfn) - Wall Street giant Merrill Lynch & Co. plans to exit the agricultural and metals futures businesses, saying it wants to focus on exchange-listed financial futures and options.
The New York-based investment bank and brokerage said it will end sales support or exchange trading floor operations in the non-financial futures markets for metals and agriculture. It will close its private client futures specialist business.
"While these businesses have been well run and profitable, we have determined that they are not core businesses for the firm going forward," the company said in a statement.
Merrill Lynch (MER) said it plans to invest "significantly" in its core business of sales and execution of futures and options contracts, such as fixed income and equity index products, and the clearing of futures and options contracts.
The decision is expected to affect less than 150 employees, either through reassignment or layoffs, a company source said.
All affected activities will be finished by Feb. 18, the company said.
Merrill Lynch announced the news after the stock market closed Wednesday. Shares finished the day up 2 at 80. 
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Merrill Lynch
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