Merrill - 30,000 jobs

[w¡n9Nµ7 §£@¥€r 123]

CNBC reported yesterday that Bank of America (BoA) could cut up to 30,000 jobs as it subsumes Merrill Lynch — three times as many staff losses as previously estimated. Ken Lewis, BoA's chief executive, is seeking to extract savings of $7 billion (£4.7 billion) from the $50 billion all-share deal. He declined to comment on the report yesterday, telling the Charlotte Observer that the bank was in the "final stage of our analysis" for job reductions in its Merrill Lynch purchase.

Most of the cuts are expected to come from Merrill Lynch, the world's biggest brokerage, which was forced to find a suitor in September as a way out of its funding crisis.

http://business.timesonline.co.uk/tol/busi...icle5282729.ece

[mkg265 2]

I'm sad for the people who have families but for all the 23 year old stripped shirt wearing, vodka and redbull drinking, earning 70K a year jerks who made fun of me in my business classes for being a woman-- I say suck it.

[w¡n9Nµ7 §£@¥€r 123]

I'm sad for the people who have families but for all the 23 year old stripped shirt wearing, vodka and redbull drinking, earning 70K a year jerks who made fun of me in my business classes for being a woman-- I say suck it.

70k? Merrill had peons???

[mkg265 2]

No grad school, first job out of college they make 70K plus take home benefits. Depending on how good they are, they could earn 100K+ a year.

Just something to ponder.

[William33 110]

No grad school, first job out of college they make 70K plus take home benefits. Depending on how good they are, they could earn 100K+ a year.

Just something to ponder.

If true, then no wonder why the economy sucks....Young punks, with zero experience, mucking up the financial system. Well, at least doing their part in it. Good riddance to them....

[w¡n9Nµ7 §£@¥€r 123]

No grad school, first job out of college they make 70K plus take home benefits. Depending on how good they are, they could earn 100K+ a year.

Just something to ponder.

70k is not an unusually high salary. And we're not even in finance.

Edited December 4, 2008 by A.J.

[MrsCat 6]

No grad school, first job out of college they make 70K plus take home benefits. Depending on how good they are, they could earn 100K+ a year.

Just something to ponder.

70k is not an unusually high salary. And we're not even in finance.

I'd say that's a pretty good starting salary for a 21 year old just out of college. I guess it all depends on where you live too though.

[w¡n9Nµ7 §£@¥€r 123]

No grad school, first job out of college they make 70K plus take home benefits. Depending on how good they are, they could earn 100K+ a year.

Just something to ponder.

70k is not an unusually high salary. And we're not even in finance.

I'd say that's a pretty good starting salary for a 21 year old just out of college. I guess it all depends on where you live too though.

No, it's pretty typical. Average starting for a Rutgers CS grad right now is around 70k. 70k is pretty much the floor for a decent professional job in this area.

[spookyturtle 9,466]

CNBC reported yesterday that Bank of America (BoA) could cut up to 30,000 jobs as it subsumes Merrill Lynch — three times as many staff losses as previously estimated. Ken Lewis, BoA's chief executive, is seeking to extract savings of $7 billion (£4.7 billion) from the $50 billion all-share deal. He declined to comment on the report yesterday, telling the Charlotte Observer that the bank was in the "final stage of our analysis" for job reductions in its Merrill Lynch purchase.

Most of the cuts are expected to come from Merrill Lynch, the world's biggest brokerage, which was forced to find a suitor in September as a way out of its funding crisis.

http://business.timesonline.co.uk/tol/busi...icle5282729.ece

At least things are staring to turn around.

[w¡n9Nµ7 §£@¥€r 123]

CNBC reported yesterday that Bank of America (BoA) could cut up to 30,000 jobs as it subsumes Merrill Lynch — three times as many staff losses as previously estimated. Ken Lewis, BoA's chief executive, is seeking to extract savings of $7 billion (£4.7 billion) from the $50 billion all-share deal. He declined to comment on the report yesterday, telling the Charlotte Observer that the bank was in the "final stage of our analysis" for job reductions in its Merrill Lynch purchase.

Most of the cuts are expected to come from Merrill Lynch, the world's biggest brokerage, which was forced to find a suitor in September as a way out of its funding crisis.

http://business.timesonline.co.uk/tol/busi...icle5282729.ece

At least things are staring to turn around.

Yeap, let the bleeding begin

[William33 110]

No grad school, first job out of college they make 70K plus take home benefits. Depending on how good they are, they could earn 100K+ a year.

Just something to ponder.

70k is not an unusually high salary. And we're not even in finance.

I'd say that's a pretty good starting salary for a 21 year old just out of college. I guess it all depends on where you live too though.

No, it's pretty typical. Average starting for a Rutgers CS grad right now is around 70k. 70k is pretty much the floor for a decent professional job in this area.

Maybe in the NY Metro area, which is no more than the average US graduate salary, given the cost of living. You will not see such salaries, as a recent grad in most parts of the country.

[w¡n9Nµ7 §£@¥€r 123]

Sure, out here (which is where most noob Merrill employees who make 70k are) it's normal. Nothing to be particularly proud of, it's just average.

As a matter of fact, unless the culture at ML has changed a lot (ha!), the guys who make 70k are acutely aware of how low down the totem pole they are and compensate for it with the red bull and vodka Just remind them, they're the peons of ML. Works every time.

[Ilya R. 0]

I'm sad for the people who have families but for all the 23 year old stripped shirt wearing, vodka and redbull drinking, earning 70K a year jerks who made fun of me in my business classes for being a woman-- I say suck it.

Someone is bitter

[Dr. A ♥ O 203]

+30,000

[w¡n9Nµ7 §£@¥€r 123]

It's official....

Bank of America to cut up to 35,000 jobs over three years

Bank of America said late Thursday that it plans to cut 30,000 to 35,000 jobs over the next three years. The reductions reflect it's upcoming acquisition of Merrill Lynch and the "weak" economy, which the bank said is affecting business activity. The reductions are coming from both companies and affect all lines of business and staff units, Bank of America explained. The bank also said it continues to do business actively with all of its clients and has attracted deposits and new customers. The bank also stressed that it's still actively offering loans through all of its credit product lines.