Bank of America may slash as much as 4,000 jobs in its capital markets units starting this week, the Financial Times reported on its Web site quoting executives familiar with the matter.
The cuts are expected to be in New York and reflect the consolidation of the bank’s sales and trading businesses after it bought Merrill Lynch three weeks ago.
The capital markets headcount of the combined banks is expected to be reduced by between 30 and 40 percent, meaning the number of job cuts could reach about 4,000, a Merrill executive told the paper.