Bank of America may to cut up to 35,000 jobs

[thelakelander]

Not looking good. Slashing 35,000 jobs in three years.

NEW YORK (AP) - Bank of America Corp. says it expects to eliminate 30,000 to 35,000 jobs over the next three years.

The massive work force reduction reflects the weak economic environment as well as the bank's absorption of Merrill Lynch & Co., the Wall Street investment firm it agreed to buy in September.

http://www.news-record.com/content/2008/12/11/article/report

[RiversideGator]

Bank of America currently has 206,587 employees and Merrill Lynch has 60,000.  So, with the acquisition of Merrill, it stands to reason that job cuts would happen anyway due to unneeded and excess positions and employees.  The combined companies will therefore have less total overhead and be more efficient.

[chipwich]

Well, either way, I doubt this will translate well for Jacksonville.

[jtwestside]

Are the BofA jobs here in JAX investment banking jobs? Not to infer that they are safe either way, it just seems to reason ... 

[tufsu1]

Bank of America currently has 206,587 employees and Merrill Lynch has 60,000.  So, with the acquisition of Merrill, it stands to reason that job cuts would happen anyway due to unneeded and excess positions and employees.  The combined companies will therefore have less total overhead and be more efficient.

that may be the best spin I've heard...good thing you're not one of the 35,000 losing their job!

[RiversideGator]

This happens with all mergers.  I certainly do wish those who will lose their jobs well though.  The best thing we can do for them is to enact measures which will encourage economic growth.

[BridgeTroll]

Bank of America currently has 206,587 employees and Merrill Lynch has 60,000.  So, with the acquisition of Merrill, it stands to reason that job cuts would happen anyway due to unneeded and excess positions and employees.  The combined companies will therefore have less total overhead and be more efficient.

that may be the best spin I've heard...good thing you're not one of the 35,000 losing their job!

It isnt spin.  You have just merged two companies that do the same things.  There is no need to duplicate jobs within the single new organization.  This happens with mergers that occur during the best of times.

[uptowngirl]

Bridge has it right, plus layoffs are companies preferred way to get rid of dead weight....you can;t really fire poor workers anymore, but layoffs are just fine. I assume there will be some here who think this is unfair too, that people that can not or will not carry their own weight on the job should still get to keep their job 

[jbm32206]

You sure won't get that argument from me! I can't stand it when there's employees that don't carry their weight and get away with it. I see it all the time at work (school system) and if it were up to me, they'd be long gone.

Anyway...back to the lay-offs...it's an unhappy part of business and businesses merging like what is the case here. You simply cannot keep everyone, not when jobs are duplicated or when the merger requires less people to do the same work

[uptowngirl]

In the banks defense they have a very comprehensive re-employment plan, as an soon-to-be laid off associate you get first pick and appplication to jobs that are/will be open in other areas of the bank. They also have a very nice compensation package. Heck sometimes I think it wouldn't be so bad to get laid off especially if you can pick up another job DOUBLE PAYCHECKS BABY!!! It is always a rough thing to lose your job (I know I have been through it before) but it is not the end of the road. It has been my experience that a better offer/job/boss is always around the corner as long as I am patient.