Bank of America made this announcement today:
Bank of America Corporation 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. and the weak economic environment, which is affecting the level of business activity.
While both factors will result in the elimination of positions, the company has not completed its analysis. 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.
That's 10 to 11 percent of the combined workforce, according to the WSJ. The bank says it won't have the final number until early next year, but the the cuts will "affect all lines of business and staff units."
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