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By Alistair Barr, MarketWatch
SAN FRANCISCO (MarketWatch) -- Bank of America said late Thursday that it plans to cut up to 35,000 jobs over the next three years as the giant lender adjusts to a recession and completes the pending acquisition of brokerage firm Merrill Lynch.
The cuts will come from both companies and affect all lines of business and staff units, Bank of America and to reflect the current recessionary environment," the bank said in a statement. The weak economy "is affecting the level of business activity," it added.
Still, the bank also said it continues to do business actively with all of its clients and has attracted deposits and new customers. It also stressed that it's still actively offering loans through all of its credit product lines.
Bank of America's reductions represent one of the largest rounds of layoffs in the history of the financial-services industry.
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