Bank of America Corp. said Thursday that it will trim up to 11% of its work force after buying Merrill Lynch & Co.
B of A said it expects to eliminate 30,000 to 35,000 jobs as part of the $20.5 billion acquisition, which the Charlotte company expects to complete on Jan. 1. B of A said a final tally of job cuts would be determined early next year and that the cuts would occur during the next three years.
"The reductions are coming from both companies and affect all lines of business and staff units," the company said in a press release. The acquisition and "the current recessionary environment" are prompting the cuts, it said. It had about 247,000 employees at Sept. 30, and Merrill employed 60,900.
In announcing the deal Sept. 15, B of A said it planned to cut $7 billion of annual expense by 2010, with 20% of the cuts to come next year.
Some high-profile Merrill executives are expected to remain after the deal closes.
They include chairman and chief executive John Thain, who will run B of A's investment banking and wealth management businesses, and Robert McCann, a Merrill vice chairman and president of global wealth management, who is to oversee all financial advisers.