Bank of America said the move would reflect both post-merger efficiency savings, and "the weak economic environment" which had hit business and could affect about 11% of the combined firms' 308,000 workforce.
The $50bn (£33bn) takeover of Merrill was announced in September. It came after Merrill had seen $40bn losses.
Bank of America said the job cuts would come across both businesses, and that it could not give exact numbers until early 2009.
3 comments:
I found this very interesting. I thought that Bank of America was well equipped to handle this current economic climate. I would presume it would be more efficient for them to cut down because of the merger. It will help eliviate some dead weight and put them in a stronger position for the future.
Bank of America is well equipped relative to the troubled banks. However, BOA and Merrill have similar structures so they can take the best of the best from each bank. Therefore, low productive and high paid laborers will be cut first.
Bank of America is well equipped relative to the troubled banks. However, BOA and Merrill have similar structures so they can take the best of the best from each bank. Therefore, low productive and high paid laborers will be cut first.
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