Bank of America said today it will cut between 30,000 and 35,000 jobs in the next 3 years, the AP reports; the move is spurred by the continuing economic downturn and the bank’s recent purchase of Merrill Lynch. Cuts will be broad and will affect both the parent company and its new acquisition. Final plans for the downsizing are expected in early 2009.
The deal between the two companies was approved by Bank of America shareholders last week. Merrill Lynch was valued at $50 billion at the outset of negotiations, but the continuing economic crisis may have cheapened the company, leading to BofA’s layoffs. Bank of America will complete an analysis of proposed cost-saving measures; the final layoff toll will not be known until next year.