Report: Bank of America to cut 4,000 from capital markets unit

[Pale Blue Dot]

Source: Business Journal

Bank of America Corp. is expected to cut several thousand jobs in its capital-markets division beginning this week, according to The Financial Times , which cites executives familiar with the matter.

Most of the cuts are slated to take place in New York.

The layoffs come several weeks after Charlotte-based BofA (NYSE:BAC) acquired Merrill Lynch & Co. Inc. for $29.1 billion, including $8.6 billion in preferred stock.

BofA is expected to cut as many as 4,000 jobs, a Merrill executive told the newspaper. Most of the cuts will occur among BofA legacy employees, the newspaper reports.

BofA has said it expects to eliminate as many as 35,000 jobs over the next three years as it seeks to cut annual expenses by $7 billion in response to the acquisition and the recession.

Read more: http://www.bizjournals.com/sanjose/stories/2009/01/19/daily12.html

[Wapsie B]

1. They're cutting from the top down right?

Just hoping here.

[grannie4peace]

2. they are such crooks-hope obama slaams their ass

[CoffeeCat]

3. Wow, 35,000 jobs in the next three years...

That's quite the forward-looking statement, when you project three years out
that you will be cutting jobs.

They must not have a very sunny outlook for the U.S economy and for the banking industry
in general.

[FarCenter]

7. They are merging Countrywide and Merrill Lynch operations

These take roughly 2 to 3 years to execute when the organizations are that large. 35,000 is a fairly small percentage.

[xchrom]

4. more people out of work. nt

[onehandle]

5. Worst bank in America. nt

[endless october]

6. they could cut 4k employees or two executives.

big surprise which one they picked.

[louis-t]

8. Gee, and BoA never thanked us

for buying Merrill Lynch and Countrywide for them. How many billions is it now they've been given in bailout money? I could never figure out how they could be allowed to buy those institutions. They were on shaky ground before they acquired them.

[Romulox]

9. Time to retrain; those jobs ain't coming back. nt