Merrill executives said yesterday that job cuts would probably continue in the coming quarters.

And if not, did the Merrill executives have reason to believe that something was wrong with the trades?

A Merrill executive acknowledged that, at 15 percent, the share of women among its 14,000 brokers had barely changed in three years.

But for Merrill executives, the move makes sense on paper.

Several other Merrill executives have been cooperating with the investigations, these people said.

Merrill executives said the system would eventually be used throughout the firm's brokerage network, which is the largest in the country.

Merrill executives expect the system to provide many benefits for the firm.

Continued losses of important Merrill executives are adding to the uncertainty.

Altogether, Merrill executives told brokers this week, the savings could add up to more than $400.

Merrill executives were said to be undecided on whether to take those charges this quarter or next year.