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Local News Story
Bank of America cutting more jobs than expected?
CHARLOTTE, 12.03.2008
CHRIS MILLER, WBT NEWS
Deeper than expected job cuts are reportedly in store for Bank of America.
CNBC reports 30,000 jobs will be cut as a result of the merger with Merrill Lynch. That's three-times the number of layoffs that were initially expected.
Most of those job cuts, according to the CNBC report, would come from the investment banking side of the merged bank, and would impact the Merrill Lynch side hardest.
"The message here is that in the financial services sector, jobs are at risk," N.C. State economist Mike Walden told WBT's "Charlotte's Morning News."
Investment bankers would make up about 20-percent of the combined banks' workforce.
The cuts would begin before the new year.
CNBC reports BofA chief executive officer Ken lewis has set a goal of saving $7 billion through the merger, spread out over several years.
Shareholders of both firms are set to vote on the merger Friday.
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