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Merrill Lynch Launches New Job Cuts
September 8, 2011
Bank of America Merrill Lynch began handing out pink slips on Thursday, which admittedly was not unexpected. Given the headlines on Wall Street, and Bank of America’s own executive re-shuffling this week, “people [in both BofA and BofA-ML] were braced for it,” one banker said, speaking privately. Several hundred job cuts at the Merrill Lynch unit are expected to fall across the entire organization, including sales and trading operations as well as investment banking.
Parent company Bank of America, as we know from earlier reports, is in the midst of cutting 7,000 jobs this year, of which 3,500 are to be eliminated in the second half of the year. The Merrill Lynch unit has been solidly profitable in 2010 and 2011, and so it would appear that only a relatively small number of those cuts will take place here. However, like other investment banking firms, BofA-ML is not immune to the ills on Wall Street - it, too, has been hurt by the slowdown recently in deal-making amid the stock market’s wild swings over the summer.
Project New BAC. The recent pummeling of BofA shares and the firings are taking place as top executives are meeting at Bank of America’s headquarters in Charlotte, N.C.. On Thursday and Friday, they are reviewing plans for what is called "Project New BAC" - an efficiency initiative that could ultimately eliminate 30,000 of the bank’s 288,000 jobs.
Project New BAC does not yet include Merrill Lynch - but the Merrill unit will be looked at next, following the careful review now being completed of Bank of America’s consumer and home loans businesses, as well its support and technology functions. [DealBook, 9/8/11]
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