Bank of America to cut 35,000 jobs

Malaysianinsider
Bank of America has announced that it is cutting up to 35,000 jobs as it becomes the latest financial institution to implement sweeping cost savings.

The Charlotte-based bank joined Citigroup, Credit Suisse and UBS in preparing to axe thousands of people from its payroll today as it cited the economic downturn and a US$50 billion (RM180 billion) merger with Merrill Lynch as the reasons for the move. BoA declined to comment on how many British jobs will go but Merrill has a significant presence in the City including a plush headquarters opposite the London Stock Exchange.

"The reductions are designed to eliminate redundancies created as a result of the merger with Merrill Lynch and to reflect the current recessionary environment.," BoA said in a statement. The banks have a combined workforce of around 312,000 people with BoA, which has a significant retail operation with more than 6,000 branches, contributing the majority of that total with 247,000 employees. Yesterday's announcement represents a workforce reduction of around 11 per cent.[read more]

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