BofA to cut up to 35,000 jobs in next 3 years - East Valley Tribune: Business

BofA to cut up to 35,000 jobs in next 3 years

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Posted: Thursday, December 11, 2008 7:48 pm | Updated: 11:52 pm, Fri Oct 7, 2011.

NEW YORK - Bank of America Corp. said Thursday it expects to eliminate 30,000 to 35,000 jobs over the next three years, as it faces a deteriorating economic environment and tries to absorb Merrill Lynch & Co.

Charlotte, N.C.-based Bank of America said it hasn’t yet completed its analysis for eliminating positions, and a final number will not be determined until early next year.

The corporation said the cuts will affect workers from both companies and all types of businesses.

Thursday’s announcement of job cuts was hardly unexpected, considering the merger and the wave of job losses seen in the banking industry and in other sectors over the past few months. Bank of America and Merrill Lynch have already eliminated thousands of investment banking jobs over the past year, as have other banks, in an effort to lower costs as they face increasing defaults on mortgages, credit card debt and other loans.

Bank of America is considered one of the country’s healthier banks, and its decision illustrates how widespread the wave of layoffs hitting the United States is. The nation lost more than half a million jobs in November alone.

Citigroup has been slashing jobs the most — by next year, Citigroup expects to have shrunk its work force by 75,000, or 20 percent, since its head count peaked in late 2007.

JPMorgan Chase & Co. is shedding about 7,000 employees, or 10 percent, of its investment bank staff, and cutting 9,200 jobs at Washington Mutual, the bank it acquired in September. Goldman Sachs Group and Morgan Stanley are reducing their staffs by about 10 percent.

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