Bonuses will down across the board, and layoffs may be in the works.

CNBC reports that the usual suspects will see some big bonus cuts, but it’s not only fixed income that will pay the price.

“Investment banking [bonuses will] … be down … anywhere from flat to down 10%” reported CNBC editor Charlie Gasparino. “Be glad you don’t work at Merrill Lynch” said Gasparino.

Fixed income will indeed take a hit — bonuses down on average 40%, some sections down 80%, while private client services would also be flat or down. Additionally, CNBC reports that Merrill’s executive suites are talking about layoffs.

Bloomberg, following up on the story, reported similar figures and also noted that managers are getting their bonus pool numbers now (January is bonus time for Merrill).