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April 17, 2009updated 04 Apr 2017 3:56pm

BofA job cuts total 1,600 as it consolidates

(FREE) Bank of America is merging its Premier Banking unit into Merrill Lynch Global Wealth Management and cutting as many as 1,600 jobs as it looks to consolidate its sprawling wealth management empire in the US. A spokesman would not confirm the number of job losses the move will involve, but said it would form part of the three-year 30,000 to 35,000 head count reduction outlined when Merrill was bought by Bank of America (BofA).

By PBI Editorial

Bank of America is merging its Premier Banking unit into Merrill Lynch Global Wealth Management and cutting as many as 1,600 jobs as it looks to consolidate its sprawling wealth management empire in the US.

A spokesman would not confirm the number of job losses the move will involve, but said it would form part of the three-year 30,000 to 35,000 head count reduction outlined when Merrill was bought by Bank of America (BofA).

He said the combined organisation, excluding BofA’s US Trust business, would have 20,000 client-facing staff.

Bank of America/Merrill had 21,625 client facing staff at the end of 2008, excluding US Trust, according to figures in its annual report and PBI’s Global Survey (see PBI 246).

BofA had 2,481 Premier Banking client managers, 2,001 financial advisers in BAI, while Merrill had 16,090 advisers. There were a further 1,053 sales assistants in BAI/Premier Banking.

Bank of America is looking to build its wealth business on the Merrill model, and the changes to its Premier Banking and Bank of America Investment Services bring it closer to that, the spokesman said.

 

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