Bank of America To Slash Up To 35,000 Jobs

Bank of America Corporation has announced that it plans to trim down 35,000 jobs over the coming three fiscals among dismal economic situation and following the completion of its merger with Merrill Lynch.

The US banking giant said that reductions are designed to eliminate redundancies created as a result of the merger with Merrill Lynch and to reflect the current recessionary environment.

According to sources, the job cuts were from both companies and would affect all lines of business and staff units.

Earlier, in September the Federal Reserve had given a formal sanction to the Bank of America for taking over troubled financial services firm Merrill Lynch.

On completion of the acquisition, Bank of America would be the major depository organisation in the US, with total consolidated assets of about $2.7 trillion.

Shareholders of both Bank of America as well as Merrill Lynch have sanctioned the acquisition and the transaction is considering to be finalized on January 1, 2009.

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