Big layoffs coming at Merrill Lynch

I hear it's going to be bloody in September.
Aside from the redundant business they intend to shed, I hear that Merrill's entire IT dept is being eliminated.

From the Global Wealthmanagement side, the word going around is that the cuts aren't really going to be on our side, but on Bank of America's. Their coming on to our platform and we're the ones who know how to do it best.

On the GWM side it would be the obvious choice for BAC to the ML platform and the ML IT folks in that area will be safe. The centralized infrastructure folks at ML will be toast and should be job shopping right and leave right after the $2 they'll get in bonus money this year!

When are people going to get the message. Wall Street and Bankers are the biggest theives in America right now. Obviously, when a thief is caught, as in the bail outs which closely resemble exactly what Madeoff did to his clients,they did not make profits, they skimmed profits off the top from the company and did not pay dividends to clients. All those bankers should not be allowed to pocket those false profits and pocket them. They should at the very least be forced to return all bonuses. Which obviously they did not earn anyway. Whether they are losing their jobs or not. These outrageous bonuses for nothing are at the backbone of the financial crisis people are facing today. Why should they be allowed to buy their beach front home in Florida and live on their ill gotten gains and wait the storm out when their clients are losing their life savings.