Merrill Lynch To "Quietly" Cut Up To 15 Percent Of Workforce

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.

Comments

[GeoNorth]

Quietly? Too late....

[PhantomAviator]

Well, you got to keep that profit margin up. Otherwise NO BONUS. NO PARACHUTE.

Who needs workers? I hear they gots a BILLION people in India just waiting to work for a penny.

[Novista]

Funny how headcounts always start at the bottom, when the most cost-effective approach would be to start with middle management and work up.

[MIKEBC]

MERRILL WANTS TO LYNCH 15% OF IT'S PEOPLE.

[ErnestineBass]

YO! Did you see this, ResidentChimp?

Just thought I'd remind you.

[finkid]

Very unfortunate given that the wealth management business will lose out on people who had nothing to do with the CDO business. The private client wealth management business actually grew in assets, profitability, and client satisfaction.

Here's an interesting boom-bust cycle in the US over the years. http://financialcareermatters.blogspot.com/2008/03/boom-and-bust-cycle-of-us-economy.htmll). Each time the bust happens, clients need the service and advice. This is the time to grow. Instead, Merrill will be cutting the support staff.

[maggiemae656]

If and when they start letting to non-broker staff the tears of trouble will really begin to flow. How much harder can times get when a broker has to do his/her own leg work? Now there will be some stories for the grandchildren...

[WIpatriot]

GUESS IT WON'T BE SO QUIET, NOW, WILL IT?

[robinhood1]

By the time all these financial industry layoffs run their course, NY housing won't be quite so unaffordable.

[anfractuous]

Unfortunately, they'll all be flooding the rental market, making IT even more unaffordable. Maybe one of those prison barges can be converted into housing for displaced Wall Streeters.