New York, Sept. 15 (Reuters): The imminent disappearance of major investment banks Lehman Brothers and Merrill Lynch presents a double-barrelled hit to an already wounded job market, and will likely depress salaries on Wall Street.

Lehman filed for bankruptcy protection after frantic attempts to find a rescuer failed on Sunday, while Merrill Lynch agreed to be taken over by Bank of America.

Headhunters and consultants said the US financial services sector, already suffering from a glut of unemployed talent after shedding more than 100,000 jobs this year, must now brace for up to 50,000 more.

“The resume flow will start on Monday like there’s no tomorrow,” said Michael Karp, chief executive at consulting firm Options Group in New York.

“This is seriously going to impact compensation this year, across the Street and all over the world as well,” he said.

“The golden years of compensation in the financial services industry are over, and it doesn’t help with the Bear Stearns people still looking for work,” he said.

The Merrill takeover would make Bank of America the top US bank, and was likely to put 40 per cent, or about 24,000 of Merrill’s 60,000 non-broker employees, out of work, said Gustavo Dolfino, president at New York-based recruiting firm WhiteRock.

That, combined with Lehman’s approximately 26,000 workers, will send shockwaves through the job market.