BofA to cut 30,000 Merrill Lynch jobs

BofA could cut 30,000 jobs as it absorbs Merrill Lynch

Sources said layoffs resulting from Bank of America's acquisition of Merrill Lynch would reach at least 10,000, but some said that figure could be three times as much. Kenneth Lewis, CEO of Bank of America, is looking to save $7 billion from the merger during the next couple of years, so sources estimated that job losses would be closer to 30,000. Some of the cuts would likely come from the sale of businesses or attrition, but the bulk would probably be in investment banking.

 
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CNBC/Reuters