More Videos
- So Now You Can’t Give Microsoft Away?
- Groupon Needs More Disclosure: Analyst
- China’s Steelmakers Set for Turnaround: Analyst
- Bulls Bet Silicon Motion Will Bounce
- Tobacco Stocks a Hot Dividend Play: Analyst
- Forget the Earnings, Disney’s Issue Is the Multiple: Analyst
- Drug Stocks Do Well in ‘Gloom and Doom’ Market: Analyst
- 6 Stocks Unworthy of Biotech Bull Market
- Unusual Volume: Taleo Jumps After Oracle's $1.9 Billion Offer
- Gas Prices in All 50 States Back Above $3 a Gallon
- Stocks on the Move Now: Caesars Entertainment Soars
- S&P 500 Earnings: Industrials Lead
- Stocks on the Move Now: O'Charley's Rallies
- Dow Rallies to Pre-Recession Levels: McDonald's Leads Since May 2008
- Unusual Volume Leaders: Gilead Sciences Spikes
- Stocks on the Move Now: Abercrombie & Fitch Tanks
- Groundhog Day Shadows the Stock Market
- Stocks on the Move Now: Amazon Dives
- Markets Finally Get Greek Deal —So Where's the Rally?
- 'Mortgage Deal from Hell' Hurts Sound Borrowers: Bove
- Zynga and Hasbro Announce Toy-Making Partnership
- Activision Beats on Earnings, Raises Dividend
- LinkedIn Outperforms on Earnings, Revenue
- Fidelity: 401(k) Balances Little Changed Over 2011
- Are Young American Workers a 'Lost Generation'?
- Westminster’s Most Successful Dog Breeds
- Greek Political Leaders Agree On Austerity Reforms
MOST SHARED
- Top Five Mistakes to Avoid in Online Dating
- Steelers' Antonio Brown Spends Super Bowl Week with Twitter Fan Turned BFF
- Victor Cruz ‘Understands’ Gisele's Super Bowl Frustrations
- Stocks Log 3-Day Gain, Dow at 3-1/2 Year High
- Warren Buffett: Stocks Will Outperform Gold and Bonds .. and They're Safer 'By Far'
- Roger Altman: Austerity Deal Buys Greece Time
- The Euro Still Has Room to Rise: Strategist
- Westminster’s Most Successful Dog Breeds
- Concordia Cruise Ship Captain Admits He Was 'Rash'
- Markets Get Greece Deal, So Where's the Big Rally?
MOST POPULAR
HOT ON FACEBOOK
BofA to Cut 10,000 Investment Banking Jobs
Text Size 
Bank of America can be expected to cut at least 10,000 investment banking jobs as it moves to absorb Merrill Lynch, sources have told CNBC.
The layoffs will start before the end of the year and possibly as soon as this week.
The move comes amid very tough times for the banking sector. With the declining market and tight credit picture, profits are under intense pressure. And traditional work in the initial public offerings and mergers and acquisitions business has dried up. (Charles Gasparino discusses his report in the video)
U.S. bank stocks Monday suffered their biggest one-day decline on worries that an ongoing recession will cut jobs, tighten credit and prompt more writedowns in the sector.
Combined Bank of America [BAC
Loading...
()
] and Merrill [MER
Loading...
()
] would have 260,000 employees. About 50,000 are in the banks' investment banking operations. The majority of the layoffs are likely to come from Merrill's side of the business.
Data is a real-time snapshot *Data is delayed at least 15 minutes
