Layoffs Hitting Merrill LynchFixed Income Blood Bath

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The much anticipated new round of layoffs of Merrill Lynch began this morning, according to people familiar with the matter. We hear that Merrill began firing people starting at 7 am on the trading floor. The deepest cuts have been concentrated in FICC. In all, 1,600 positions said to be on the chopping block.
“Packages suck,” says one of those familiar people. “Three months pay and a $25,000 bonus from analyst to MD.”
Of course, Charlie Gasparino has been reporting exactly the 1,600 figure since like last week and yesterday said the cuts would come today. Score another one for Chucky Gees.
The cute sounding spokeswoman for Merrill declined to comment and nearly put us to sleep by talking about how "material disclosures" would be made according to regulations about financial disclosures.

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