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August 13, 2008
Given that Merrill Lynch has been raising capital like a drug addict just to prop up the firm, it can't afford to pay any new employees. So the firm's not hiring anyone until 2010. Does that mean that Merrill will return to profitability by then?
Dealbreaker: 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.
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