Big layoffs coming at Merrill Lynch

Bank of America and Merrill Lynch expect to close on their deal by the end of the year. But before then we're likely to see some changes. The success of the deal really turns on efficiencies, and CNBC reports that the Merrill Lynch investment banking unit is likely to be scaled back dramatically. The two companies have a 266,000 employees combined. The investment banking staff collectively totals about 50,000. CNBC says to expect cuts of about 10,000 in the investment banking staffs. These cuts will begin soon, at least before the end of the year.

For more:
- here's the CNBC report

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