BofA (BAC) Cutting 30,000-35,000 Jobs Reflecting Merger and Weak Economy
Bank of America (NYSE: BAC) said it is working on a plan to eliminate a significant number of positions over the next three years reflecting the pending merger with Merrill Lynch & Co., Inc. (NYSE: MER) and the weak economic environment, which is affecting the level of business activity.
Bank of America expects to have a final plan early in 2009 and estimates it will project the reduction of approximately 30,000 to 35,000 positions over the next three years. A final number will not be determined until early 2009.
Bank of America said the reductions are designed to eliminate redundancies created as a result of the merger with Merrill Lynch and to reflect the current recessionary environment.
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