Changes afoot at Merrill Lynch today. Not profitability or anything crazy like that but perhaps a step in that direction? The firm has instituted a global hiring freeze to last at least through next year. The ban on personnel includes "no incremental hires," "no on-boarding* of contingent workers," and "no new management consulting." Presumably it does not extend to the many current and former Goldman employees Thain would like to bring on. Blurry memo after the jump.

*Waterboarding of contingent workers, however, is encouraged.