Schaeffer's Street Stories: Bank of America Corporation Announces Plans to Cut 35,000 Jobs

CINCINNATI--(BUSINESS WIRE)--Bank of America Corporation (NYSE: BAC) paints a bleak picture of the financial sector, as the company stunned Wall Street last night when it announced that it would cut roughly 35,000 jobs during the next 3 years as it absorbs Merrill Lynch.

The reductions, representing about 10% to 11% of the companies' combined work force, will hit "all lines and staff units" in both companies, reflecting both redundancies created by the Merrill acquisition as well as the "current recessionary environment," Bank of America said. At the close of the third quarter, Bank of America employed about 247,000 people and Merrill had about 61,000 employees.

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