Merrill Lynch & Co. Inc. will close a suburban Denver office by midyear, giving about 1,050 employees a choice of relocating or losing their jobs, the company announced Thursday.

The employees who work at a call center and account processing division in suburban Englewood will have the option of moving to Merrill Lynch offices in Hopewell, N.J., or Jacksonville, Fla., company spokesman Bill Halldin said.

"Due to significant overcapacity at our three operations centers, it became necessary for us to consolidate operations at two facilities," the company said in a statement.

The cutbacks do not affect financial advisers. Merrill Lynch will have about 400 employees in offices throughout Colorado after the Englewood operations close.