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BofA Confirms Merrill Merger Job Loss Numbers

Bank of America came out after the markets closed Thursday and confirmed the number of jobs likely to go following the merger with Merrill Lynch. The bank said that between 30,000 - 35,000 jobs will go at the two firms in the next 3 years due to the merger and the current weak economic climate. Job losses in investment banking and global markets, however, are thought most likely to be done by the end of the first quarter.

Thousands Likely To Go, As Goldman Forces Staff To Work Longer

Matchstick Eyes

The Financial Times reports that staff at Goldman Sachs will have to work 5 years longer (to 60) in order to receive full retirement benefits, as the firm is amending the terms of a scheme which allowed employees to quit at 55 and take all their restricted stock with them when they left.

Top Firm Denies CEO Looking At UBS Chairman Job

Reuters reports that Deutsche Bank has come out and denied German media reports that CEO Josef Ackermann would consider moving back to Switzerland to take on the Chairman's role over at UBS. A bank spokesperson noted that Ackermann was under contract until 2010, and stated that he 'was not considering giving up his post'.

More Executive Bonus News

More bank executives are to work without a bonus in 2008, as Merrill Lynch and Morgan Stanley both came out this week with details of their comp plans for top dogs.

More Job Cut News

Bloomberg reports that two unnamed company officials have advised that Citigroup's Nikko Cordial Securities unit will axe around 1,000 of its 7,000 workforce, or 14.2% of total headcount.



For Hire

Facebook hires ex-Google executive

Facebook has hired Gary Briggs, a veteran of Google and Ebay to be its first chief marketing officer as the world’s largest social network seeks to expand its global brand.