US bank giant plans 11% jobs cut

BBC - Bank of America has said it plans to cut between 30,000 and 35,000 jobs over three years following the completion of its takeover of Merrill Lynch.

The reduction could affect about 11% of the combined firms' 308,000 workforce.

Bank of America said the move would reflect both post-merger efficiency savings, and "the weak economic environment" which had hit business.

The $50bn (£33bn) takeover of Merrill was announced in September. It came after Merrill had seen $40bn losses.

Bank of America said the job cuts would come across both businesses, although it said it could not give exact numbers until early 2009.