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Merrill Lynch to Cut Thousands of IT and Operations Jobs

Merrill Lynch expects to cut thousands of jobs as a result of its takeover by Bank of America.

Merrill Lynch expects to cut thousands of jobs as a result of its takeover by Bank of America, according to CEO John Thain. And most of those jobs will come from information technology, operations and "corporate functions," Thain said in a Bloomberg interview.Jobs in Merrill Lynch's fixed income and commodities divisions won't be eliminated after the deal, Thain said on Bloomberg. "We haven't mapped it out in terms of actual number of people, but we are committed to saving $7 billion across the combined platforms, and that will be a challenge," Thain said in the Bloomberg article. "Between our two companies it will be clearly thousands of jobs." In the past 18 months, Merrill has already eliminated approximately 5,000 jobs, according to the article.Merrill Lynch expects to cut thousands of jobs as a result of its takeover by Bank of America. Greg MacSweeney is editorial director of InformationWeek Financial Services, whose brands include Wall Street & Technology, Bank Systems & Technology, Advanced Trading, and Insurance & Technology. View Full Bio

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