Bank of America announced it would slash as many as 4,000 jobs starting this week, particularly in its capital-markets division. The layoffs are slated to affect mostly Bank of America employees, rather than the newer employees acquired a few weeks ago by the firm's shotgun purchase of Merrill Lynch & Co. However, the buyout will have even further implications for employees over the next three years, as the company plans to cut up to 35,000 jobs across its entire workforce. The bank hopes to save $7 billion annually from the cutbacks.
See "BofA may cut 4,000 jobs", St. Louis Business Journal, January 19, 2009