Job loss estimate at Bank of America-Merrill Lynch heads higher

December 2, 2008 | By Jim Kim

It may be that Bank of America wants to get the word out about job cuts. So executives leaked to CNBC that about 10,000 would be cut, mainly in Merrill Lynch's investment banking group. But the network reported later that the number of lost jobs may be closer to 30,000. Which frankly seems more like it, as the combined entity has 260,000 employees. You can imagine the top executives hearing the media report the initial estimate and getting on the horn to communications managers, telling them to hike the estimates, or something like that. Managing the press is critical in times like these. One fact remains: Most of the cuts will be on the Merrill Lynch side.

For more:
- here's the CNBC report