Bank of America announced plans yesterday to eliminate about 35,000 jobs over three years. The layoffs constitute about 10% of the firm's workforce, and are one of the largest downsizing efforts by a financial firm over the past several months. Industry analysts expected layoffs after the quick acquisition of Merrill Lynch and its 60,000 employees in September, but the extent of the job cuts speak to the severity of the credit crisis and economic slowdown. Bank of America was one of the first firms to receive funds ($25 billion) from the Treasury Department's direct investments in financial institutions.
See "35,000 jobs will go at Bank of America", Ross Kerber and Todd Wallack, The Boston Globe, December 11, 2008