December 11, 2008 in Business, Nation/World, News

Bank of America may cut 35,000 jobs over 3 years

Associated Press

NEW YORK — Bank of America Corp. says it expects to eliminate 30,000 to 35,000 jobs over the next three years.

The massive work force reduction reflects the weak economic environment as well as the bank’s absorption of Merrill Lynch & Co., the Wall Street investment firm it agreed to buy in September.

Charlotte, N.C.-based Bank of America says it hasn’t yet completed its analysis for eliminating positions, and a final number will not be determined until early next year. It said the cuts will affect workers from both companies and all types of businesses.

The shotgun deal between Bank of America and Merrill, valued at $50 billion when it was initially announced, was struck as the solvency of investment banks was in grave doubt. Shareholders of both companies voted to approve the deal last week.

© Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Get stories like this in a free daily email

Please keep it civil. Don't post comments that are obscene, defamatory, threatening, off-topic, an infringement of copyright or an invasion of privacy. Read our forum standards and community guidelines.

You must be logged in to post comments. Please log in here or click the comment box below for options.

comments powered by Disqus