In a CNBC report last night, reporter Charlie Gasparino said the Bank of America/Merrill merger is likely to result in the loss of 30,000 jobs. In a related article, Gasparino wrote:
"As of yesterday, sources were saying that layoffs could total at least 10,000 and would start before the end of the year.
"But Bank of America CEO Kenneth Lewis wants to wring out $7 billion in savings from the merger over the next few years, so the total number of jobs lost could be closer to 30,000, they said.
"Some of these job cuts could be through attrition or the sale of some businesses. But the heaviest cuts will probably come in the investment banking business, which has dried up during the current credit crisis."You can watch his report here.