http://www.EmploymentCrossing.com
Merrill Lynch & Co. and Bank of America Corp. have begun laying off US equity-research department employees.
It is reported that the goal of the layoffs is to integrate the two research teams and decide who will be senior analysts.
Last week, shareholders of Bank of America and Merrill Lynch approved the $16.5 billion takeover of the U.S. brokerage firm. The acquisition should be complete by Dec. 31.
According to
The Wall Street Journal, Merrill Lynch and Bank of America had planned all along to combine the units as soon as the merger is officially complete on Jan. 1.
The layoffs aren't a result of cost cutting but are an effort to end duplicate coverage and not confuse clients, sources told The Wall Street Journal.
The exact number of employees to be laid off has not been specified.
Click here for more information on
researching jobs in your area.