That's almost enough people to fill a baseball park.
After gobbling up several financial institutions punished by the mortgage crisis, Bank of America is planning to "eliminate redundancies" by consolidating jobs. Fortunately, this all won't happen tomorrow - the plan will be in place early next year, and staff reduction should occur over the next 3 years.
Let's hope the economy gets stronger and can accommodate the affected workers over the next 3 years. Their press release says that a portion of the jobs will be reduced through attrition, where somebody leaves a position voluntarily and the company never fills the position.
Bank of America recently purchased Merrill Lynch and Countrywide. Other banking job cuts have made big news recently, making 2008 a rough year for employees at financial institutions.
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