The Sunday Times reports that Merrill Lynch is set to commence a further round of job cuts later this month and quotes insiders who have said that the headcount reduction could involve up to 2,000 staff.
The securities house has already cut around 15,000 jobs in the past 18 months, but it is believed that an additional cull will be necessary in order for the bank to bring its cost base in line with currrent and future revenue projections.
The majority of this latest round of cuts are thought likely to be made in New York and London and the victims are believed to include several senior investment bankers who enjoy large base salary and compensation packages and who operate in a market which has all but dried-up.
If Merrill does act and institute further cuts this month, it is unlikely to be alone. Rumours also abound about additional job losses at Goldman Sachs and JP Morgan.