Bank of America to cut 30,000 jobs

NEW YORK, Dec. 11 (UPI) -- Bank of America Corp. Thursday announced plans to cut 30,000 to 35,000 jobs during the next three years as it digests its acquisition of Merrill Lynch & Co.

The reduction could involve more than 11 percent of the work force of the two firms, The New York Times reported.

Bank of America and Merrill have a significant amount of duplication in research, investment banking and other area, the newspaper said. However, Bank of America, based in Charlotte, N.C., said the job cuts announced Thursday are a reflection of the overall economic downturn, and would be applied throughout all of its businesses.

Many of the job cuts will come through attrition. A final number would not be available until early 2009, the company said.

Bank of America has already laid off more than 11,000 people, and Merrill has eliminated 5,720 jobs, since the financial crisis struck in July 2007, the Times said.

Bank of America stock has dropped 64 percent this year and the company has received billions of dollars under the federal rescue plan, the newspaper said. The company's stock fell 9.17 percent Thursday.