Job Cuts, Bank Of America | featured news

Swiss private bank Julius Baer says it plans to cut about 1,000 jobs from Merrill Lynch's wealth management operations outside the United States following a deal to buy the unit from Bank Of America.

The institution is accelerating its cost-cutting strategy, planning to pare its operations so much that it will lose its spot as the nation’s largest bank employer, falling behind the likes of JP Morgan Chase, Wells Fargo and Citigroup.

Bank of America is to cut 30,000 jobs, or 10% of its workforce, over the next few years as part of a cost-cutting programme, the company says.

Bank of America Corp officials have discussed slashing roughly 40,000 jobs during the first wave of a restructuring, the Wall Street Journal said, citing people familiar with the plans.

Bank of America Corp. is cutting 3,500 employees this quarter and working on restructuring plans that will ax several thousand more jobs, The Wall Street Journal and The New York Times reported citing people familiar with the situation....