Bank of America to Cut 30,000 to 35,000 Positions

Dec. 11 (Bloomberg) — Bank of America Corp., the third- largest U.S. bank, said it plans to cut 30,000 to 35,000 positions over the next three years because of its acquisition of Merrill Lynch & Co. and the weak economic environment.

The final number of job cuts won’t be decided until early next year, the Charlotte, North Carolina-based company said in a statement today. The takeover of the New York-based investment bank is expected to be completed later this month.

The cuts will occur throughout the companies, affecting all lines of businesses and staff units, Bank of America said.

“As many reductions as possible will be made through attrition,” the lender said.

To contact the reporter on this story: David Mildenberg in Charlotte at dmildenberg@bloomberg.net

Last Updated: December 11, 2008 16:39 EST
By Kevin Reynolds and David Mildenberg

Source: Bloomberg

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