Bank of America may shed 35,000 jobs

Along with the merger between Bank of America and Merrill Lynch comes a three year plan that will cut up to 35,000 jobs. The job cuts will come from both companies, and are designed to get rid of redundancies in order to streamline the nation's soon to be largest financial services firm. Bank of America, the larger of the companies in terms of employees, will keep most of Merrill's financial advisers on board. In fact, that is the main reason why Bank of America wanted the merger. Since the merger was announced both companies have received funds from the $700 billion bailout plan, with Bank of America promising to use its $15 billion in the lending market. These ads are in response to criticism that they are not using the money to give out mortgages on homes. They are even running an ad campaign with the tag line "...we're putting our capital where our mouth is."