Merrill Lynch to axe thousands of IT jobs
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Merger with Bank of America to cost world’s largest investment bank thousands of back-office roles
The CEO of Merrill Lynch has announced that thousands of IT jobs at the investment bank will go when it merges with Bank of America next year.
“We are committed to saving $7 billion (£4.1 bn) across the combined platforms, and that will be a challenge," John Thain told the Bloomberg news network. "Between our two companies, it will be clearly thousands of jobs."
These jobs will mainly be located in back-office functions including IT and finance, he added.
The company, which employs around 60,000 people worldwide, has already shed 5,000 jobs in the past 18 months.
Bank of America agreed to acquire Merrill Lynch for $50 billion last month, as it teetered on the edge of collapse. The deal, which is expected to be completed early next year, will unite one of largest high street banks with the world’s largest investment bank.
