On September 15, Bank of America announced its intention to buy Merrill Lynch in a $50 billion all-stock deal. According to a representative at Bank of America, the deal is expected to close on January 1, 2009.
The cuts will come from both companies and affect all business lines and units, according to a statement by Bank of America. The bank declined to provide more information on specific units that would be affected by the cuts, but said it would determine the details early next year.
See also: Banks cut staff in Europe and US
Bank of America buys Merrill Lynch for $50 billion