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Forbes.com: Wall Street Embraces Linux

Mar 28, 2002, 14:30 (20 Talkback[s])
(Other stories by Lisa DiCarlo)

[ Thanks to Tom for this link. ]

"Rick Carey has staked his reputation and his job on a project that he concedes is risky--but with potentially huge returns. He is the person in charge of a top-down implementation of Linux software at Merrill Lynch.

"Merrill (nyse: MER - news - people ) is one of many Wall Street brokerages doing a large-scale Linux deployment in an effort to cut their costs and boost revenue. Indeed, these banks have had a very tough year: Merrill's sales declined more than 10%, to $38.7 billion last year, and profits dried up to 56 cents per share, from $4.06 in 2000. The company laid off 9,000 employees last year to reduce compensation expenses.

"Merrill and others talked about their Linux plans at an event hosted by Red Hat Software (nasdaq: RHAT - news - people ) in New York Tuesday night. Red Hat is a leading Linux distributor but is experiencing no shortage of pain itself. Sales for fiscal 2002 ended Feb. 28 fell to $86.8 million, from $103 million. Analysts polled by First Call/Thomson Financial are expecting the company to break even in the May and August quarters..."

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