ATLANTA- Merrill Lynch & Co. has closed down its three-person municipal institutional sales operation here, a spokeswoman said yesterday.

The spokeswoman said that two of the three municipal sales representatives that had been in Atlanta -- Frank C. Egan, a vice president, and Patty Thyer, a sales associate -- were laid off effective July 19. The third sales representative, Robert Boltax, a vice president, will continue with Merrill Lynch in the firm's middle markets group in Atlanta, she said,

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