Bank of America Corp. could end up cutting 30,000 jobs as it moves to absorb Merrill Lynch & Co., three times as many as previously estimated, CNBC's Charlie Gasparino reported Wednesday, citing people familiar with the situation.

Bank of America CEO Kenneth Lewis wants to wring out $7 billion in savings from the merger over the next few years, so the total number of jobs lost could be closer to 30,000.

Some job cuts could be through attrition or the sale of some businesses, but the biggest cuts will probably come in the investment banking business.

The report contained no response from the companies.

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