Sunday, 22nd November 2009

 

4 December 2008 - Press Briefing

BofA-Merrill Lynch combine likely to shed 30,000 jobs

Bank of America's acquisition of Merrill Lynch could result in as many as 30,000 job cuts, CNBC reported on Wednesday, according to a report in The Times, London.

Merrill is likely to account for the bulk of the redundancies, which are three times as many layoffs as previously forecast.

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Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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