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Rating:Cuts at BofA Will Not Spare Advisors Not Rated 5.0 Email Routing List Email & Route  Print Print
Monday, August 22, 2011

Cuts at BofA Will Not Spare Advisors

News summary by MFWire's editors

For fundsters intersted in wirehouse news, Financial Planning is reporting that Bank of America's plans to trim at least 3,500 jobs in the coming months -- up to 10,000 in total -- will include Merrill Lynch advisors. The number of advisors that will be affected by the cuts is not known.

Last week, a company spokesperson told The MFWire that: "As part that ongoing work, the company is eliminating approximately 3,500 positions across most of the lines of business this quarter. These are in addition to about 2,500 reductions made so far this year. The company began notifying employees recently."

"The reductions are not part of a companywide initiative (New BAC) announced earlier this year which is focused on driving our customer-oriented strategy and financial results." 

Edited by: Hung Tran

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