The market slowdown continues to bite away at Wall Street, with firms cutting staff and putting a freeze on hiring, according to a story in the New York Post.

The Post cites anonymous sources that Merrill Lynch & Co. is about to cut at least another 150 investment bankers starting this week, about 6% of the already-depleted division. The layoffs are expected in various industry and product groups and at all levels. Merrill has already cut 100 jobs in the division, and the Post says one of its sources suggests the firm is contemplating a 10% to 15% of its staff worldwide.

“For more than a year, we have been focusing on how we are allocating resources, including staffing levels and all other expenses,” said Merrill spokesman Richard Silverman. “There have been and will continue to be selective staff reductions as well as other expense reductions based on strategic decisions by individual businesses.”

The Post also reports that Prudential Securities has halted its rookie training program. This move comes in the wake of a high-profile recruiting effort launched by the firm in the spring, in an effort to recruit 600 new brokers.

Susan Atran, the firm’s spokesperson, tells the newspaper that the firm was hiring rookie brokers until June, and has met 75% of its hiring goal, “but decided to postpone further advertising and hiring due to the rough market environment”. It is still hiring experienced brokers and expects to revive the recruiting and training drives by yearend, although it also expects to cut 550 people, 3% of its staff.