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Further job cuts in the City
The new owners of Merrill Lynch, Bank of America, have announced large job cuts in its London office. The biggest staff reduction in the history of the City will total 1,900.
The cuts will account for around 30 per cent of the combined workforce of the capital. Many employees have been asked to re apply for their current positions and some departments such as commodities have already seen job losses. Most of the job losses will have taken place by March.
The losses in the UK will form only part of the global redundancy programme the bank will be making. Across the globe around 30,000 to 35,000 workers can expect to be laid off over the next 3 years and it is estimated that the annual cost saving will approach $7 billion. Bank of America has around 1,700 employees in the City.
When Lehman collapsed it took a total of 2,500 people with it, around 28,000 City jobs were lost during 2008 with a further 34,000 predicted to go during 2009, this would leave around 291,000 still employed in wholesale financial services.
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