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.