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 Activities Auxiliary To Financial Services And Insurance Activities Financial Fund Management 66.3 - Fund management activities
8,000 jobs Number of planned job losses
Announcement Date
15 June 2016
Employment effect (start)
Foreseen end date
Description
Bank of America Merrill Lynch is looking to reduce its workforce as a cost saving measure. The majority of the job cuts will be back office staff and bank tellers, as automation and increased digital capacity moves an increasing number of banking operations online. There will also be some job creation in face-to-face sales roles such as mortgage lending, but figures on this front have not yet been announced. This move follows a trend since the financial crisis, with 40,000 jobs being cut from the bank since 2009. The cuts come at a time when Bank of America's shares are down 21% in comparison to last year. Retrenchment is also occurring in the bank's Irish arm, which has seen assets drop from EUR 361 billion to EUR 5 billion since 2010. An ongoing shift to London may continue, although this is in doubt following the UK's referendum on EU membership.
Sources
15 June 2016: Financial Times
30 June 2016: The Irish Times
Citation
Eurofound (2016), Bank of America Merrill Lynch, Internal restructuring in World, factsheet number 88016, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/88016.
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