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Bank of America to Cut Jobs During Merger


U.S.-based Bank of America has announced it plans to cut between 30,000 and 35,000 jobs over the next three years, in the latest sign of pressure on the banking industry.

The Charlotte, North Carolina-based bank announced Thursday the exact number of job cuts will not be finalized before early next year, as it carries out a merger with financial management firm Merrill Lynch. The statement said job cuts will come from both companies and will affect all parts of the businesses.

Just weeks ago financial services firm Citigroup announced it will eliminate 15 percent of its workforce, more than 50,000 people, by early 2009.

Also Thursday, the U.S. Labor Department said first-time claims for unemployment benefits jumped, by 58,000 to 573,000 to a 26-year high.

Some information for this report was provided by AP and Reuters.