Bank of America to lay off thousands
Bank of America plans to lay off between 30,000 and 35,000 employees over the next three years. The bank blamed the cuts on the weak economic environment and its impending merger with Merrill Lynch.
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
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