The merged legal department of Bank of America and Merrill Lynch, with around 700 lawyers, is looking at pending layoffs.
The bank’s lawyers are being required to reapply for their own jobs, which is invariably a precursor to cuts.
Bank of America, based in Charlotte, North Carolina is the largest financial services company in the world, largest bank by assets, and second largest commercial bank by deposits. It serves clients in more than 150 countries and has a relationship with 99 percent of the US Fortune 500 companies and 83 percent of the Fortune Global 500.
The bank plunged in market value after its purchase of Merrill Lynch.
Posted by Erik Even
on April 20, 2009. Filed under Home,Law Firm News,Layoffs.
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Here at BCG we get no small number of inquiries from attorneys who have recently (e.g., within the past year) switched firms but, for a wide variety of reasons, find themselves wanting and/or needing to move again and thus want to resume their job search. The reasons for this most often include the following – sometimes a spouse receives a job offer in another market. Sometimes a group of partners makes an untimely departure, leading to business in your new practice group drying up and you sitting at the mercy of a first-in-first-out policy when the inevitable downsizing occurs. Sometimes the firm turns out not to be quite what you expected in terms of opportunity, professionalism, or personality, and you soon find yourself realizing that you may have [...]
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