Bank of America (BAC) is the latest in a growling lengthy list of financial services companies to announce steep layoffs.
The bank said Thursday it plans on slashing 30,000 to 35,000 positions over the next three years.
“The reductions are designed to eliminate redundancies created as a result of the merger with Merrill Lynch and to reflect the current recessionary environment,” the company said in a release.
The company said it would provide more specific details at a later date, but the cuts will be broad and come from both Bank of America and Merrill Lynch.
Bank of America announced plans to acquire Merrill Lynch in September. Shareholders approved the merger last week.
Bank of America shares – which are off 64% for the year – edged higher in after-market trading after sliding 11% in regular trading.
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