Merrill Lynch says let em go

Layoffs at Merrill have been a long time coming. Now they’re right around the corner. In the next several weeks, the nation's biggest brokerage will quietly begin a big round of layoffs as it looks to cut costs and shore up profits as the credit crunch deepens, sources tell Trader Monthly. Merrill officials are drawing up plans to cut 10 percent to 15 percent from the investment banking division, sources familiar with the plans said. That could put as many as 300 Merrill bankers out on the pavement. (Merrill employs about 2,100 bankers firmwide.) Meanwhile, the firm is also preparing for another big writedown. Although the exact size and timing is unclear, some people familiar with the situation say it could be as high as $8 billion.