12 December 2008 News

 

Bank of America puts 35,000 jobs on the block

Bank of America is to eliminate 30,000 to 35,000 positions over the next three years, citing its merger with Merrill Lynch and "the weak economic environment, which is affecting the level of business activity" as reasons.

While both factors will result in job losses, the bank is still working on its plans and a final number will not be determined until early 2009. In a statement it said that the reductions are coming from both companies and affect all lines of business and staff units, adding that "as many reductions as possible will be made through attrition". Severance and other benefits will be provided for those associates whose jobs are

The statement continued: "Bank of America continues to do business actively with all of its client segments. It continues to benefit from a flight to safety, attracting deposits and new client relationships. In addition, the company continues to actively originate loans through all of its credit product lines."