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Merrill Lynch CEO John Thain expects IT will be among hardest hit by Bank of America takeover.
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Merrill Lynch chief executive officer John Thain has delivered the brokerage firm's technology staff the message they've been expecting: there will be "thousands" of layoffs, and IT will be among the hardest hit.
Thain said in a television interview with Bloomberg News that it will take some time for Bank of America to fully dissect Merrill Lynch's operations, but job cuts are inevitable.
"We haven't mapped it out in terms of actual number of people, but we are committed to saving $7 billion across the combined platforms and that will be a challenge," he said. "Between our two companies it will clearly be thousands of jobs."
Thain said he expects most of the cuts will fall in IT, operations, and corporate functions.
Merrill Lynch has already cut some 5,000 jobs over the past 18 months Bloomberg reported, lowering its head count to about 60,000.
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