As hard as it is to believe, the guy who ran the market risk team at Merrill Lynch from March of 2005 right into last year's Summer of Blood still has is job. In fact, Ahmass Fakahany was named co-president with Greg Fleming in May. But the dancing had to stop at some point since the music ended months ago. And this morning, Charlie Gasparino of CNBC reported that Am-Fak is set to resign later to day.

Update: Charlie G says that there are going to be more layoffs. There is a review of the brokerage business that is expected to result in job cuts. But no-one really fires brokers, you just don't pay them if they aren't earning for the firm. So these cuts will most likely be support staff folks.