Merrill Lynch Job Cuts

Law Moves



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Published in U.S. 1 Newspaper on July 26, 2000. All rights


Big at University Square: Reckson

Princeton’s biggest current construction project, a

316,000-foot five-story granite building at University Square, is

expected to break ground by the end of August. The Reckson Associates

Realty Corp. building will face Route 1 but be accessible from

Alexander Road.

"It’s the best location and best construction of any product in

the marketplace in last 10 years," vows Jeffrey Schotz of the

Short Hills office of Reckson, a real estate investment trust (REIT)

(E-mail: Trading on the New York Stock Exchange

as RA, it is based in Melville,

Long Island, and owns 23 office buildings with 2.5 million square

feet in New Jersey. "This is the only new construction we


at this time, other than pre-lease opportunities. We feel that this

product and marketplace is the right combination."

Most of the current construction in this area, Schotz points out,

is for smaller requirements. For instance, the Commons (developed

by SJP Properties for 7/9 Roszel Road with lead tenant Merrill Lynch)

has a similar amount of space — 300,000 feet — but it is


between a three-story and a five-story building.

All of the parking will be on grade — none in garages — and

the access will be from Alexander Road. There will be a fitness

center, cafeteria, teleconferencing facilities, and all of the


technology requirements. Current University Square tenants, such as

Princeton Softech, Deloitte & Touche, and Therics, are a short walk

away from the new construction and will be invited to use these


This speculative development is a joint project with Matrix


which retains an interest in the three current buildings as well as

in the land, and Reckson as general partner and managing partner.

Reckson’s staff of 25 architects, plus those from the Cannon Group,

did the drawings.

Thanks to a design with one long swooping curve plus triangular


this building will have no fewer than 12 corner offices per floor.

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Merrill Lynch Job Cuts

Nearly 2,000 job cuts were announced at Merrill Lynch

on Tuesday, July 18, and they were made across the board — senior

and junior people. But the deepest cuts were among technology

professionals and headquarters support staff. No jobs will be lost

among brokers or those working in retail brokerages, and construction

on the new Hopewell campus has not been affected. The layoffs are

supposed to save $150 million.

"The Hopewell campus remains on the same schedule with the first

wave of employees slated to move in this fall," says Merrill Lynch

spokesperson Joe Cohen. "The job reallocation that is under way

is fairly narrow and we expect to have, at the end of year 2000,


the same number or more employees in New Jersey that we had at the

start of the year." The company has from 3,800 to 4,000 employees

in Central Jersey (

Cohen says Merrill Lynch plans to cut a total of 1,800 jobs, many

at the Scudders Mill Road headquarters and at various sites on College

Road, but also from offices in Somerset, Denver, and Jacksonville.

Of that number, only 900 are supposed to be direct layoff. Some 500

will be through attrition, and 400 by dismissing contract and

consultant positions. "The firm is continuing to grow. In areas

other than where jobs

are being cut, there is hiring underway," says Cohen.

Why the company would cut back on IT workers when everyone else is

hiring for IT skills can be explained, says the head of a company

that supplies computer technology workers to Merrill Lynch, by Merrill

Lynch’s haste to move to online trading. Much work had to be done

in a short time, and when the basics were completed, programs


Finally the brokers said their customers didn’t need any more bells

and whistles, such as fancy financial planning alternatives, they

just needed to do trades quickly and inexpensively.

So on the one hand, IT workers are no longer needed. On the other

hand, technology has made some jobs obsolete, so administrative


are also being cut.

"Merrill is cutting at the time nobody else is," says one

insider, who attributes the cuts to a "new broom sweeps clean"

strategy employed by E. Stanley O’Neal, the new president of the


client group. Ironically, Merrill Lynch has just posted a quarterly

earnings gain of 34 percent and planned a 2-for-1 stock split


August 4.

"Some senior level people who have been around a long time are

in shock," says the vendor. "They want people like us to sell

commitment and loyalty, and then they lay off 2,000 people."

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Law Moves

Parker, McCay & Criscuolo PC, 3131 Princeton Pike,

Building 1B, Lawrenceville 08648. David W. Carroll. 609-896-4222;

fax, 609-896-9023. Home page:

Parker McCay & Criscuolo, headquartered in Marlton, has supplanted

Carroll, Weiss & Josephson, a Lawrenceville firm which handled


law and labor negotiations. The merger has made Parker McCay one of

New Jersey’s largest resources for school district legal


and one of the largest law firms in central New Jersey, with more

than 60 attorneys.

Parker McCay has represented a variety of school districts throughout

the firm’s 85-year history. This is the second merger for the law

firm in the past year. In August it merged with Barron & Gillespie,

a prominent firm in Moorestown. In addition to school district


Parker McCay focuses on public finance, corporate law, and municipal

representation. The firm also represents clients on public finance,

banking, real estate, land use, healthcare, creditors’ rights, and

employment issues. It also has another branch office in Cherry Hill.

Barnaba & Marconi LLP, 2239 Whitehorse-Mercerville

Road, Trenton 08619. Dennis M. Marconi, partner. 609-584-1444;

fax, 609-584-1555.

Dennis M. Marconi has joined the law office of Mario L. Barnaba. The

new firm, known as Barnaba & Marconi LLP, also has an office at 1040

North Kings Highway in Cherry Hill. The firm does certified civil

trial work — personal injury, municipal court, and also real


Ann Marie Vaurio, Attorney at Law, 601 Ewing


Suite C-11, Princeton 08540. 609-924-4080; fax, 609-924-4123.

Vaurio has opened an office at Princeton Professional Park.

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Due to an editing error, the July 19 story on New Jersey Analytical

Laboratories had two incorrect acronyms. NJAL is the name of the

company, and an additive found in gasoline is known as MTBE, or methyl

tert-butylether (

Top Of Page

Angelina "Angie" Campo, 76, on July 15. She was

a head operating room nurse at St. Francis Medical Center.

Barbara J. Palefskky, 56, on July 19. She was an office

manager at Town and Country Animal Hospital in Rocky Hill.

Raymond W. Bowers, 77, on July 19. Until 1998 he was a

custodian at the West Windsor-Plainsboro Regional Schools, South


Nicholas L. Altieri, 77, on July 19. He had owned Town

House Motel/Coach & Four Restaurant in Hightstown and was a consultant

for Schroeder Architects.

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