Investment bank Merrill Lynch & Company plans on cutting 4,000 jobs by the end of the year. Of the 4,000, 1,100 are mortgage-related cuts that have already been announced. The bank has also experienced some of the worst earnings in the first quarter, with write-downs in the billions. In the last three quarters, Merrill Lynch's total write-downs were $30 billion.

Most of the bank's job cuts are in the "global markets and investment banking divisions, which includes fixed income, currency, commodity, and equity trading as well as banking," according to the New York Times's website.

Said the bank's chairman and chief executive, John A. Thain, "We are planning for a slower and more difficult next couple of months and probably next couple of quarters."

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