Merrill Lynch Reports Computer Theft

Merrill Lynch has become the latest financial institution to hit the headlines because of a security lapse.

Last week, the brokerage announced it would offer free credit monitoring to an unspecified number of employees after a laptop containing staffing records and personal financial details was stolen from its corporate offices in New Jersey.The personal information - including social security numbers - of 33,000 employees is believed to have been on the computer.

In a statement, Merrill Lynch said: "We have no reason to believe at this point that anyone has gotten access to the protected information. While we think the possibility of someone gaining access to the data is small, we have notified affected employees and offered free credit monitoring to them."

In May, it was JPMorgan's turn to be in the spotlight after a video posted on YouTube allegedly showed customers' intact personal financial information being fished out of garbage bags left outside of Manhattan bank branches.

The video was posted by the Service Employees International Union, which was involved with the bank in a labor dispute.

Around the same time, JPMorgan also allegedly began notifying millionaire clients in the Chicago area that their personal and account information may have been exposed after a backup tape went missing. Approximately 47,000 individuals were notified. Melanie Rodier has worked as a print and broadcast journalist for over 10 years, covering business and finance, general news, and film trade news. Prior to joining Wall Street & Technology in April 2007, Melanie lived in Paris, where she worked for the International Herald ... View Full Bio