Bank of America Corp.'s acquisition of Merrill Lynch & Co. may have saved the New York investment bank, but it still won't be a pleasant place to work after the merger because the banks reportedly plan to cut nearly 30,000 jobs, according to CNBC's Charles Gasparino. The number is reportedly three times as large as previously estimated.
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The biggest cuts, the report said, will likely come from the investment banking unit. Add to that gruesome number the cut in year-end bonuses by 50%, and it looks like a "Blue Christmas" for Merrill's employees.
The moves come in a period when the banking industry is going
through troubled times that some say have not been seen since the Great
Depression. Merrill and Bank of America are, of course, not alone when
it comes to downsizing. Most recently, J.P. Morgan Chase & Co.,
Goldman, Sachs & Co. and other peers have announced massive job cuts. Labor tracking firm Challenger Gray & Christmas estimates that over 91,000 Wall Street jobs were slashed in November alone, promising a challenging, gray Christmas for many on the Street. - Gerald Magpily
See CNBC article
See Dealscape: Bank layoffs: J.P. Morgan, Goldman Sachs, Standard Chartered and more
See Dealscape: Merrill Lynch gives bonus pool 50% haircut
