December 11, 2008

Bank of America to cut up to 35,000 jobs

According to MarketWatch: “Bank of America said late Thursday that it plans to cut up to 35,000 jobs over the next three years as the giant lender adjusts to a recession and completes the pending acquisition of brokerage firm Merrill Lynch.”

December 9, 2008

Republic’s Fired Workers Plan Bank of America Protest (Update1)

According to Bloomberg: “A fire roared in a trash bin outside the Republic Windows & Doors factory on Chicago’s north side last night, warming supporters who brought coffee, food and sleeping bags to 250 fired workers occupying the building.”
“Workers blame Bank of America Corp., the biggest U.S. retail bank, for the factory’s Dec. 5 closure after it canceled a line of credit to the manufacturer, whose sales have been gutted by the housing slump. The Charlotte, North Carolina-based bank has received $15 billion from the U.S. Treasury as part of its effort to boost capital, while Merrill Lynch & Co., the securities brokerage it is buying, has gotten $10 billion.”

December 2, 2008

Merrill Said to Cut Year-End Bonuses by 50%

According to Bloomberg: “The average bonus reduction will be about 50 percent at the New York-based company, and some traders and investment bankers will face steeper cuts, said the people, who declined to be identified because the plans aren’t public.”

In 2007, Merrill paid out a total of $15.9 billion in compensation, or about $248,000 per employee.

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