Merrill Lynch is taking a $1.7 billion charge as it plans to eliminate up to 9,000 positions. That amount includes $500 million in office space costs related to the World Trade Center. The cuts come along with speculation that new president Stanley O'Neal is gussying up the firm for a possible sale. O'Neal said that the cuts mark a change in focus from winning market share to building profitability. Share in Merrill Lynch have appreciated more than 50 percent since O'Neal started his housecleaning last Fall.  

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