Job fears at Bank of America in Chester

Dec 18 2008 by Laurie Stocks-Moore, Chester Chronicle

JOBS could be lost at Chester’s largest employer as recession grips the financial sector.

Bank of America last week announced up to 35,000 jobs were to go worldwide over the next three years.

A decision on where those jobs are to be shed will be made in the new year but its sprawling offices at the business park is the company’s only branch in the UK.

After its merger with Merrill Lynch, Bank of America employs about 308,000 people globally and the cuts could affect as much as 11.4% of the workforce as the bank attempts to save around £4.5 billion in annual costs.

The bank, which employs more than 4,000 people at its MBNA credit card business in Chester business park, released a statement saying: “Bank of America Corporation is working on a plan to eliminate a significant number of positions over the next three years reflecting the pending merger with Merrill Lynch & Co, Inc. and the weak economic environment, which is affecting the level of business activity.

“While both factors will result in the elimination of positions, the company has not completed its analysis. Bank of America expects to have a final plan early in 2009 and estimates it will project the reduction of approximately 30,000 to 35,000 positions over the next three years. A final number will not be determined until early 2009.

“The reductions are coming from both companies and affect all lines of business and staff units. Details as to specific reductions in communities or by business line have not been determined. As many reductions as possible will be made through attrition.

“Severance and other benefits will be provided for those associates whose jobs are eliminated and who cannot be offered another position.

“The reductions are designed to eliminate redundancies created as a result of the merger with Merrill Lynch and to reflect the current recessionary environment.”