Bank of America to cut around 30,000 jobs

Bank of America to cut around 30,000 jobs

Bank of America has announced that they would be cutting between 30,000 and 35,000 jobs over three years.

This is largely due to their recent acquisition of Merrill Lynch.

This job cut is going to affect about 11% of the merged entity which has around 308,000 employees.

Bank of America said that these cuts are required as part of the merger savings and cost cutting.

These jobs would be cut from operations of both the companies. Details are not yet released.

Market analysts are not surprised by the extent of this job cut especially looking at the current market conditions.

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