Thursday, December 11, 2008

Bank of America says to cut up to 35,000 jobs


Bank of America Corp said on Thursday it plans to cut up to 35,000 jobs over the next three years.

Highlights:

* Says expects to have a final plan early in 2009

* Says reductions are coming from both companies and affect all lines of business and staff units

* Says reductions to eliminate redundancies due to merger with Merrill Lynch and reflect current recessionary environment

* Says continues to actively originate loans through all of its credit product lines

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