Bank of America Layoffs Job Cut: to fire 35000 employees: Finance Trading Times

Bank of America Layoffs Job Cut: to fire 35000 employees

Bank of America has decided to go for massive layoffs - around 35000 employees will be fired by the company. This is another setback to the ailing financial industry of the USA> Recently, Bank of America took over Merrill Lynch and these job cuts are said to be a part of consolidation process. Bank of America Layoffs

How many employees will be fire in the Bank of America Layoffs?
Around 35,000 jobs will be cut by Bank of America.

Will it be a one time job cut by Bank of America Layoffs?
No. This will be an extended exercise, and will go on over the next 3 years.

What are the reasons for Bank of America Layoffs?
BankAm recently took over the ailing Merrill Lynch bank for 29 $ per share. This layoff is a part of Merrill Lynch absorbtion and consolidation. Moreover, the economic situation is really bleak.

When will the Bank of America Layoffs be announced?
The job cuts are expected to be announced in early 2009. The cuts will come from both companies and will affect all lines of business. Bank of America had 247,000 employees, as of Sept. 30, while Merrill Lynch had 60,900 at the end of the third quarter.

While Bank of America had not announced any large-scale job cuts so far this year, Merrill Lynch eliminated about 3,300 employees since the fall of 2007, mainly in its global markets and investment banking division and in support areas.

Any specific class or segment of employee affected by Bank of America Layoffs
Bank of America is likely to keep many of Merrill Lynch's financial advisers, who numbered 16,850 at the end of September. Most brokers are also expected to be retained. However, the capital markets divisions - the traders, analysts and sales representatives - may not be spared.
Let's hope that alternative jobs are available to the affected employees of Bank of America Layoffs Job Cut.
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2 Comments: Post your Comments

Ray said...(on 12 December 2008 at 14:57 )  

I see high paying jobs posted on popular job sites -

www.linkedin.com (professional networking)
www.monster.com (keyword job search)
www.realmatch.com (matches jobs based on skills)

I dont know why headlines always report doom and gloom.

Layoffs said...(on 8 January 2009 at 02:36 )  

People always hate to talk about when they are laid off. But as it has become every day's news headline since Yahoo started it with cutting 1500 of its task force last year, now a need of platform has been in demand where people can express their selves in words how they are feeling about their company, whey the got laid off was that justified or not.
And every thing they want to tell anonymously.And www.layoffgossip.com is providing you that platform.

Wish you all happy and fruitful trading and investing activities with safety! = = = Post a Comment

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