Merrill's CEO Expects IT Job Cuts

Merrill Lynch CEO John Thain expects IT will be among hardest hit by Bank of America takeover.


Also See:
BofA-Merrill: Who Are The IT Winners, Losers?
Bank CIOs Have Reason To Be Nervous

By Mel Duvall


Merrill Lynch chief executive officer John Thain has delivered the brokerage firm's technology staff the message they've been expecting: there will be "thousands" of layoffs, and IT will be among the hardest hit.


Thain said in a television interview with Bloomberg News that it will take some time for Bank of America to fully dissect Merrill Lynch's operations, but job cuts are inevitable.


"We haven't mapped it out in terms of actual number of people, but we are committed to saving $7 billion across the combined platforms and that will be a challenge," he said. "Between our two companies it will clearly be thousands of jobs."


Thain said he expects most of the cuts will fall in IT, operations, and corporate functions.


Merrill Lynch has already cut some 5,000 jobs over the past 18 months Bloomberg reported, lowering its head count to about 60,000.

Enjoyed the article?

Sign-up for our free newsletter to kick off your day with the latest technology insights, or share the article with your friends and contacts on Facebook, Twitter or Google+ using the icons below.


E-mail address

Rate this blog entry:
0
Mike Gaudreau has not set their biography yet

Comments