Bank of America
plans to eliminate a "significant" number of positions over the next three years as it works to integrate its acquisition of
and deal with the economic slump that's taking a toll on its businesses.
The Charlotte-based bank plans to cut roughly 30,000 to 35,000 workers, but said in a release Thursday that it has not completed its analysis. A final number will not be determined until early next year.
The reductions are "designed to eliminate redundancies created as a result of the merger" and to "reflect the current recessionary environment," BofA said in the release.
BofA agreed to purchase
in September in a stock transaction worth roughly $50 billion at the time. The deal came just as investment house
was filing for bankruptcy. Fearing that the same thing could happen to Merrill, CEO
, who replaced disgraced former CEO Stan O'Neal in late 2007, quickly agreed to a transaction with BofA.
Shareholders of both companies
last week. The merger should be completed by Jan. 1.
At the end of the third quarter, BofA had about 247,000 full-time employees, according to its quarterly filing with the
Securities and Exchange Commission
. Merrill Lynch had 60,900 at the end of September.
Thain, who was formerly the head of
, is one executive who will continue on with BofA once the deal is completed. He will become head of the combined bank's Global Banking, Securities and Wealth Management businesses.