Merrill Lynch Bank of America Layoffs Job Cut: fires 1900 London employees

The effects of mergers and acquisitions usually always result in layoffs. The reason, business is consolidated and hence there is not enough room for employees in various departments as the work consolidates. Its time for the London based employees of Merrill Lynch which was acquired by Bank of America to feel the heat and learn it the hard way. The Bank of America controlled Merrill Lynch has decided to layoff some 1900 employees. All the sectors are now melting under the pressures of falling market demand and financial problems. As a measure, they are going for layoffs. The latest one to add to the list is, Merrill Lynch Bank of America going for layoffs in London.

How many employees will be fired in the Merrill Lynch Bank of America layoffs?
There will be around 1900 job cuts by the company. This will be biggest single job cut by any company in recent times in London. That will constitue 30% of the employee strength in Merrill.

Any other measures by Merrill Lynch Bank of America apart from layoffs?
Yes. Merrill Lynch Bank of America said that it will reeze 2009 salaries for employees who are not officers. Also, there will be a 10 % pay cut for 45 of its white collar officers.

When will the Merrill Lynch Bank of America layoffs happen?
Some departments have already started the job cuts - like the Commodities trading department has already asked employeees to go. Other major job cuts will happen by the end of April 2009. BoA is said to have plans for cutting 30000 jobs across the globe in 3 years time.

Will there be any office closed by Merrill Lynch Bank of America?
No confirmed news yet.

How much savings can be achieved through Merrill Lynch Bank of America layoffs?
Around 7 billion USD or 4.8 billion GBP are expected to be saved through the job cuts.

Any other news about Merrill Lynch Bank of America layoffs
BoA and Merrill have together received about $25 billion from the Tarp, the US fund created to bail out troubled banks. Let's hope that alternative jobs are available to the affected employees of Merrill Lynch Bank of America Layoffs Job Cut