Merrill Lynch and Bank of America to erase thousands of jobs
Submitted by Marina Dimova on Mon, 10/20/2008 - 13:36.
Thousands of jobs are likely to be lost as a result of Bank of America's takeover of Merrill Lynch.
The companies hope to save about seven billion dollars by merging, John Thain, the head of Merrill Lynch told the Bloomberg financial news service Monday. That will probably mean several thousand jobs will be eliminated, though no exact figures are available.
Merrill Lynch recently eliminated 5,000 jobs, but still employs around 60,000 people. After losing billions due to the ongoing financial crisis, the investment bank in September sought a protective merger with Bank of America, one of America's biggest banks.
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