Bank of America is starting to wield the ax in its capital markets unit. About 4,000 jobs could be made redundant. This in the context of the 35,000 job cuts announced in December. It's been clear for a while now that in capital markets, Merrill Lynch employees were being prioritized ahead of their colleagues from less prestigious Bank of America.

Tom Montag, from the Merrill Lynch side, is running the combined show. The Financial Times notes that in November he named more than a dozen deputies who would work under him. All but two came from Merrill. It's a bitter pill to swallow if you're from Bank of America. If Montag's group doesn't perform well immediately, there may be some second guessing from the Bank of America side of things.

For more:
- here's the FT article

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