Bank of America

Jobs Cut: 30,000-35,000

Bank of America (BAC) is eliminating as many as 35,000 jobs over the next three years, or about 10% of its workforce. The Charlotte (N.C.) bank says the cuts reflect a weak economy and the cost of absorbing its $50 billion purchase of Merrill Lynch. "The reductions are designed to eliminate redundancies created as a result of the merger with Merrill Lynch and to reflect the current recessionary environment," Bank of America said in a Dec. 11 statement. The bank says the cuts will affect both companies and stretch across all areas. The company says it will use attrition to accomplish as many of the cuts as possible.