Merrill Lynch has just announced 4,000 in job cuts (10% of the workforce). Let the Wall Street Bloodbath begin.

It’s not very unusual for Wall Street firms to hire on mass when profits are strong, only to then fire when times are tough. It won’t be long before there’s more cuts across the other banks, let alone the final numbers from the Bear Sterns bailout.

I’d hate to be working in derivatives or structured finance these days…I expect many more bankers and traders will be writing blogs soon…..