EMCC European Monitoring Centre on Change

Bank of America

Company/Organisation:
Bank of America

Geographic Location

Country: World

Company

Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 307000
Group: Bank of America

Employment Effects

Announcement Date: 10-12-2008
Planned Job Reductions min: 30000
Planned Job Reductions max: 35000
Type of Restructuring: Merger/Acquisition
Employment Effect Start: 01-01-2009
Foreseen End Date: 01-01-2011

Additional Information

Bank of America, one of the main banks worldwide, is to cut from 30,000 to 35,000 jobs in the next three years (2009-2011). According to the bank, the reorganisation plan is mainly due to the recent merger with Merrill Lynch (September 2008) and to the ongoing economic / financial markets crisis.

The company envisages a large-scale recourse to the early retirement for the redundant workers.

In October 2008, the Bank of America had 307,000 employees worldwide.