发表于 2009-3-9 09:27:00
How many employees will be fired in the Merrill Lynch Bank of America layoffs?
There will be around 1900 job cuts by the company. This will be biggest single job cut by any company in recent times in London. That will constitue 30% of the employee strength in Merrill.
Any other measures by Merrill Lynch Bank of America apart from layoffs?
Yes. Merrill Lynch Bank of America said that it will reeze 2009 salaries for employees who are not officers. Also, there will be a 10 % pay cut for 45 of its white collar officers.
When will the Merrill Lynch Bank of America layoffs happen?
Some departments have already started the job cuts - like the Commodities trading department has already asked employeees to go. Other major job cuts will happen by the end of April 2009. BoA is said to have plans for cutting 30000 jobs across the globe in 3 years time.
Will there be any office closed by Merrill Lynch Bank of America?
No confirmed news yet.
How much savings can be achieved through Merrill Lynch Bank of America layoffs?
Around 7 billion USD or 4.8 billion GBP are expected to be saved through the job cuts.
Any other news about Merrill Lynch Bank of America layoffs
BoA and Merrill have together received about $25 billion from the Tarp, the US fund created to bail out troubled banks. Let's hope that alternative jobs are available to the affected employees of Merrill Lynch Bank of America Layoffs Job Cut
Bank of America has become the first US bank to withdraw job offers made to MBA students graduating from US business schools this summer, citing conditions laid out in its bail-out deal as the reason.
The passed $787bn stimulus bill in effect prevents financial institutions that have received money from the government's troubled asset relief programme from applying for H1-B visas for highly skilled immigrants if they have made US workers redundant.
BofA, which has received a total of $45bn (?6bn, £32bn) in Tarp funds, is in the process of digesting two large acquisitions - Countrywide, the mortgage broker, and Merrill Lynch - which will see thousands of jobs lost. A spokesman for the bank said: "Recent changes in legislation made it necessary for Bank of America to rescind job offers it had made to students requiring H-1B sponsorship."
The number of international students affected by the BofA move is thought to be no more than 50 but business schools are concerned that other banks in receipt of Tarp funds could follow suit.
Traditionally, about a third of MBA students at the leading US schools have taken up finance and banking jobs on graduation, with about a third of those MBAs coming from outside the US. But MBA graduates have seen the number of jobs in the finance sector shrink by about 40 per cent this year.
Some supporters of freer migration have criticised the Tarp measure for threatening to cut the US off from foreign talent and encouraging tit-for-tat retaliation by foreign countries.
Business school deans are concerned about the implications and are lobbying hard for the interpretation of Tarp to be generous in regards to MBAs.
Some fear that students who have traditionally studied in the US to get a job in North America may go elsewhere. "There might be an inclination for people from around the world to vote with their feet," says David Schmittlein, dean of MIT's Sloan school of management in Boston.
That would be a further blow to US business schools, which are trying hard to internationalise their student body and curriculums. This year the credit crunch meant that many international students, who do not have access to US federal loans, were unable to raise the financing to embark on a two-year US MBA, resulting in a drop of up to a 20 per cent in applications.
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