Bank of America to Layoff 35,000 Employees

Bank of America Corp said on Thursday it plans to eliminate 30,000 to 35,000 jobs over three years as it integrates Merrill Lynch & Co and experiences weaker business activity amid the economic recession.

The cuts could affect about 11 percent of the combined companies' workforce of about 308,000 people, and are intended to help save $7 billion of annual costs.

Bank of America employs about 247,000 people and Merrill about 61,000. The merger values Merrill at about $20.5 billion and is expected to close on Jan 1, 2009, creating the largest U.S. bank by assets.

Charlotte, North Carolina-based Bank of America announced the cuts less than four weeks after Citigroup Inc set plans to eliminate 52,000 jobs, or 15 percent of its workforce, by early 2009.