Merrill Lynch to cut thousands of jobs, mostly in IT

by Editor 10/22/2008 4:27:00 PM
In the wake of its $50 billion takeover by Bank of America, Merrill Lynch will cut thousands of jobs, according to Merrill chief executive John Thain.

Most of the job cuts will fall in IT, operations and corporate functions, says Thain, while jobs in the fixed income and commodities divisions will not be eliminated once the takeover is complete.

Neither Merrill Lynch nor Bank of America have given any exact figures, but thousands of jobs will be cut as the combined company tries to save a total of $7 billion.

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