Bank of America to cut 30-35,000 jobs, Citigroup to cut 52,000 jobs.

Bloomberg reported this on Thursday, here is an excerpt:

“Dec. 11 (Bloomberg) — Bank of America Corp., the third- largest U.S. bank, said it plans to cut 30,000 to 35,000 positions over the next three years because of its acquisition of Merrill Lynch & Co. and the weak economic environment.

The final number of job cuts won’t be decided until early next year, the Charlotte, North Carolina-based bank said in a statement today. The companies together employ 307,000 people, including about 60,000 at New York-based Merrill Lynch. Bank of America spokesman Scott Silvestri said the “vast majority” of job cuts will come next year.

All lines of businesses and staff units will be affected, and “as many reductions as possible” will be made through attrition, Bank of America said. The companies have already begun dismissing equity analysts, according to a person briefed on the changes.

“They are saying that even though we’ve got the best efficiency of any large bank holding company, we still have extra costs,” said Christopher Whalen, managing director of Institutional Risk Analytics, a market-research firm. “They still have to throw more stuff out of the boat because they have to stay afloat.”

Bank of America is the latest firm to announce a workforce reduction amid the worst financial crisis since the Great Depression. Citigroup Inc. is planning to eliminate 52,000 jobs in the next year….”

Advertisements

Poll says predictions for short-term progress grimmest in nearly 50 years

WASHINGTON – Growing numbers of middle-class Americans say they are not better off than they were five years ago, reflecting economic pressures amid growing debt, a study released Wednesday shows. Their short-term assessments of personal progress, according to the study, is the worst it has been in almost half a century.

The survey by the Pew Research Center, a Washington-based research organization, paints a mixed picture for the 53 percent of adults in the country who define themselves as “middle class,” with household incomes ranging from below $40,000 to more than $100,000.

It found that a majority of Americans said they have not progressed in the past five years. One in four, or 25 percent, said their economic situation had not improved, while 31 percent said they had fallen backward. Those numbers together are the highest since the survey question was first asked in 1964. Among the middle class, 54 percent said they had made no progress (26 percent) or fallen back (28 percent).

dap(‘&PG=NBCSM4&AP=1089′,’300′,’250’);

Middle-class prosperity also lagged compared with richer Americans. From 1983 to 2004, the median net worth of upper-income families — defined as households with annual incomes above 150 percent of the median — grew by 123 percent, while the median net worth of middle-income families rose by just 29 percent.