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Posted: 7:29 PM Dec 2, 2008
Bank Of America Jobs Cuts Could Be Severe
Bank of America could end up cutting 30,000 jobs as it moves to absorb Merrill Lynch, three times as many as previously estimated, sources told CNBC. Reporter: Christine Kennedy |
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Bank of America could end up cutting 30,000 jobs as it moves to absorb Merrill Lynch, three times as many as previously estimated, sources told CNBC.
As of yesterday, sources were saying that layoffs could total at least 10,000 and would start before the end of the year.
But Bank of America CEO Kenneth Lewis wants to wring out $7 billion in savings from the merger over the next few years, so the total number of jobs lost could be closer to 30,000, they said.
Some of these job cuts could be through attrition or the sale of some businesses.
But the heaviest cuts will probably come in the investment banking business, which has dried up during the current credit crisis.
Latest Comments
Posted by: C H
Location: EDENTON
on Dec 3, 2008 at 12:18 PM
IF KEN LEWIS WANTED TO DO THE RIGHT THING FOR THE EMPLOYEES THAT WORK TO GIVE HIM HIS BIG CEO BONUS EACH YEAR , HE SHOULD GIVE UP HIS BONUS FOR A FEW YEARS AND KEEP THE 30,000 EMPLOYEES ON THE PAYROLL. IF LET'S THEM GO NOW HE WILL BE ONLY HURTING HIMSELF IN PROFITS LATER....
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Posted by: here
Location: here
on Dec 3, 2008 at 08:25 AM
That is alot of people. Where in the world are they going to find jobs!!???? Oh yeah, Merry Xmas!
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Posted by: Anonymous
on Dec 2, 2008 at 10:08 PM
please dont cutt jobs....my ex wife that works for you...and she will want more money
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