Updated 12/03/2008 01:19 PM
Big cuts possible at Bank of America
Only 10,000 cuts were expected at first. That number could now climb to 30,000.
CHARLOTTE -- While Bank of America shareholders prepare to vote on the purchase of Merrill Lynch on Friday, reports are surfacing that the bank is prepared to cut up to 30,000 jobs.
The absorption of Merrill Lynch was initially expected to cut 10,000 jobs, but according to reports, that number could triple as Bank of American CEO Ken Lewis strives to save $7 billion over the next several years. Cutting jobs might be the way to make that happen.
In a statement released to News 14 Carolina, a Bank of America spokesperson stated that, “We are currently evaluating our staffing levels, given both the pending merger with Merrill Lynch and the weak economic environment which is affecting the level of business activity.
“While we believe both factors will result in eliminations of positions, we have not completed our analysis. We expect to have a final plan early in 2009.”
Wednesday afternoon, the Charlotte Chamber of Commerce is hosting an economic outlook conference where they will discuss the state of the local economy. Ken Lewis is expected to be there.