Merrill Lynch is now planning to cut 10% to 15% of its workforce--excluding brokers--sometime in May, CNBC has learned.
Merrill Lynch CEO John Thain is expected to complete his review of headcounts at the Wall Street firm by the end of the month.
Unlike in the past, Merrill is not planning to make any major announcement about the layoffs. The firm is hoping to make the cuts as quietly as possible.
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Silicon Alley Insider reports that this means 5,000 to 7,500 will get the axe.