Bank of America Corp, the third-largest US bank, has announced to slash between 30,000 to 35,000 jobs over the next three years because of the weak economic environment and its acquisition of Merrill Lynch.
The final number of jobs to be cut is to be determined early next year, said the Charlotte, North Carolina-based bank, which will be the country's largest financial services firm when the deal with Merrill Lynch closes over the next few weeks.
"The reductions are designed to eliminate redundancies created as a result of the merger with Merrill Lynch and to reflect the current recessionary environment," a statement from the bank said Thursday.
The cuts will be made in both companies. As of September, Bank of America had 247,000 employees, while Merrill Lynch - the world's largest securities brokerage - had 60,900 employees at the end of the third quarter.
As the US grapples with the worst financial crisis since the Great Depression, Bank of America becomes the latest firm to announce a massive job cut. Citigroup has already said it would eliminate 53,000 jobs in the new year.