Thousands Of Employees To Leave Bank Of America

[Mrs. Sharon B. Hodge]

Thousands Of Employees To Leave Bank Of America
by Lisa Miller

Bank of America says it expects to eliminate up to 35,000 jobs over the next three years. It says it won't know the final number until early next year, but the cuts will affect workers from both Bank of America and Merrill Lynch. Bank of America agreed to buy the investment firm in September. Lisa Miller reports for member station WFAE.

ECONOMY
Bank Of America To Cut Up To 35,000 Jobs
by Deborah Tedford

Bank of America announced Thursday that it will cut up to 35,000 jobs over the next three years because of the weak economy and a pending merger with Merrill Lynch.

The company said that a final plan for the job reductions should be completed by early next year. An estimated 30,000-35,000 jobs will be eliminated from Bank of America and Merrill Lynch, affecting all lines of business, a statement from the company said.

The company aims to eliminate redundant positions resulting from the merger and reflect the constraints caused by the recession.

The Charlotte, N.C.-based bank said the company remains active in all segments of its business and continues to originate loans through all of its credit product lines.

Shareholders of both companies approved the merger last week, and Bank of America estimates it will be completed Jan. 1, the statement said.