The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
30,000 - 35,000 jobs Number of planned job losses
Announcement Date
10 December 2008
Employment effect (start)
1 January 2009
Foreseen end date
1 January 2011
Description
Bank of America, one of the main banks worldwide, is to cut from 30,000 to 35,000 jobs in the next three years (2009-2011). According to the bank, the reorganisation plan is mainly due to the recent merger with Merrill Lynch (September 2008) and to the ongoing economic / financial markets crisis.
The company envisages a large-scale recourse to the early retirement for the redundant workers.
In October 2008, the Bank of America had 307,000 employees worldwide.
Sources
13 December 2009: Il Sole 24 Ore
Citation
Eurofound (2008), Bank of America, Merger/Acquisition in World, factsheet number 67716, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67716.
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