Bank of America will cut between 30,000 and 35,000 jobs, once its takeover of Merrill Lynch is completed in early 2009.
Bank of America has said it plans to cut between 30,000 and 35,000 jobs over the next three years, once its takeover of Merrill Lynch is completed in early 2009.
The bank said the cuts, which represent around 11 percent of the combined workforce. Details of where the axe will fall will be released in the New Year.
Bank of America said the move reflects both post-merger efficiency savings, and ‘the weak economic environment,’ which had hit business.
Staff at Merrill Lynch have been worried about job losses following cross-over at the firms, which both operate large wealth management operations, since the takeover was announced.
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