Bank of America Corp. said Thursday that it is considering eliminating 30,000 to 35,000 jobs in the next three years.
The company, based in Charlotte, N.C., said in a release that the layoff planning reflects its pending merger with New York City-based Merrill Lynch & Co. Inc. and the weak economic environment.
Shareholders approved the Merrill deal, initially valued at $50 billion, last week. Bank of America executives said they would seek to cut $7 billion in annual expenses, or 10 percent of the combined expenses of BofA and Merrill, and eliminate overlapping back-office and support jobs.
The reductions will come from Bank of America and Merrill Lynch, and will affect “all lines of business and staff units,” Bank of America said in the release.
The bank said it will make as many reductions as possible through attrition. Severance and other benefits will be provided to employees who lose their jobs and aren’t offered other positions within the bank.
The company said it has no details about reductions in specific communities.
Merrill Lynch has two offices in the Kansas City area.
Overall, Bank of America has 247,024 employees, and Merrill has 60,900 full-time employees.
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