Friday, December 12, 2008
I think they call it synergy.
Bank of America has said it plans to cut between 30,000 and 35,000 jobs over three years following the completion of its takeover of Merrill Lynch. The reduction could affect about 11% of the combined firms' 308,000 workforce. Bank of America said the move would reflect both post-merger efficiency savings, and "the weak economic environment" which had hit business.