Merrill Lynch confirms IT job cuts

[OhioChick]

Source: The Register

21st October 2008 11:43 GMT

Merrill Lynch CEO John Thain has confirmed that the search for $7bn in cost cutting was likely to mean thousands of job cuts at the firm following its takeover by Bank of America.

Thain said the integration process had already begun after the $50bn bail-out.

"Most jobs will go on the infrastructure side - IT, finance and operations, where there is overlap between the two companies," Thain said. "We've not mapped it out in actual numbers of people but we're looking for $7bn in savings ... so it will be thousands of jobs," Bloomberg TV reports.

Once upon a time IT smarties could have expected to walk out of one employer, and straight into the arms of another. However, with Lehmans casting thousands into the wilderness, and other top end finance firms handing out pink slips the omens are not good.

A move into more mundane areas of finance is also unlikely. The merger of Lloyds TSB and HBOS is also expected to result in many redundancies for IT and support staff. A similar pattern is unfolding in the US.

HP, EDS and eBay have all announced job cuts in recent weeks, meaning industry is not likely to be a safe haven either.



Read more: http://www.theregister.co.uk/2008/10/21/merrill_job_losses/

[ChairmanAgnostic]

1. they were the ones who created the most exotic POS

like swaps, derivatives, etc.
and they ran the programs which were programmed to guarantee huge paper profits, ergo getting huge bonuses to the top dogs.

Let them lose their jobs. May they suffer half as much as they have caused others to suffer.

[Lance_Boyle]

7. wait, uh... wha??? IT staff created financial instruments?

Your comment does not follow in any logical way from the OP's posted blurb.

[Nambe]

2. Merrill forecasts a year of misery on Wall Street. I hope they are wrong.

[Azlady]

3. Self Delete... double posted n/t

[Azlady]

5. Someone has to do something about these IT job Losses and NOW!

Stop the outsourcing of IT Jobs... pull the IT jobs BACK from overseas & stop the H1B program.

This is getting crazy! I'm never going to get a job in IT, nor endless others. It was hard enough when our jobs were being sent overseas or H1B's coming here, now we have the ones who have caused financial ruin in our country taking our jobs away! Fire the Bastards! How can these CEO's keep their jobs!!

[daa]

4. These jobs are all in India anyhow nt

[OhioChick]

6. Good Point. n/t