Merrill (MER) and Bank of America (BAC) To Fire 20,000+

Merrill Lynch (MER) and Bank of America (BAC) say merger savings will total $7 billion. We estimate that this means at least 20,000 people will be fired.

Our Assumptions:

  • $5 billion of the $7 billion is compensation costs (the rest is real estate)
  • $250,000 average compensation per employee

See Also: Bank of America Crushed On Bizarrely High Merrill Bid

 

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.