Bank of America Announces Job Cuts; 35,000 Over Next 3 Years

Bank of America (BAC: 17.08 0.00%) announced today that it will be eliminating approximately 35,000 jobs over the next three years. Bank of America, with its acquisition of Merrill Lynch complete early next year will have a combined workforce of some 308,000 employees, meaning that they are trimming more than 10%. This is just another announcement in a long line of financial-related cuts to sweep across the industry. Other layoffs which have been announced include:

• Citigroup (C: 4.02 0.00%), which is expected to eliminate some 50,000 jobs by next year (20%)
• JP Morgan (JPM: 43.64 0.00%), which has announced cuts of about 10%, or 7,000 in its investment banking division, in addition to the 9,200 cuts it has planned for Washington Mutual
• Goldman Sachs (GS: 177.45 0.00%) and Morgan Stanley (MS: 30.08 0.00%) have both announced plans to cut staff by some 10%

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