Feeds

Merrill Lynch confirms IT job cuts

How many coders can you get for $7bn?

Boost IT visibility and business value

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.

Of course, if all else fails you can go work for the government. Except in the UK that is. Ministers have already outlined plans to streamline the Civil Service even as government revenues are hit by the economic slowdown. And local councils have got problems of their own, given that they have buckets of cash marooned in Iceland.®

Build a business case: developing custom apps

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
Mozilla's 'Tiles' ads debut in new Firefox nightlies
You can try turning them off and on again
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Banking apps: Handy, can grab all your money... and RIDDLED with coding flaws
Yep, that one place you'd hoped you wouldn't find 'em
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
TROLL SLAYER Google grabs $1.3 MEEELLION in patent counter-suit
Chocolate Factory hits back at firm for suing customers
Primetime precrime? Minority Report TV series 'being developed'
I have to know. I have to find out what happened to my life
prev story

Whitepapers

Top 10 endpoint backup mistakes
Avoid the ten endpoint backup mistakes to ensure that your critical corporate data is protected and end user productivity is improved.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Backing up distributed data
Eliminating the redundant use of bandwidth and storage capacity and application consolidation in the modern data center.
The essential guide to IT transformation
ServiceNow discusses three IT transformations that can help CIOs automate IT services to transform IT and the enterprise
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.