2,000 jobs to go after bank merger

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The banks are preparing to cut 30% of their combined London-based staff over the next few months, although job losses are already being seen in some departments, according to The Times.

UK job cuts reportedly come as part of a plan announced by Bank of America in December to reduce the combined global workforce by around 30,000 to 35,000 over the next three years.

Merrill Lynch employs 6,000 staff in London and Bank of America has around 2,000 UK employees.

Bank of America, which completed its rescue takeover of Merrill Lynch on January 1, is hoping to save around 7 billion US dollars (£4.77 billion) by 2012.

The takeover was unveiled last September amid a dramatic weekend on Wall Street, when the bankruptcy of Lehman Brothers was also announced, causing stock markets globally to plunge.

It was understood that the deal came as fears grew that Merrill could become the next bank to lose the confidence of investors.

Bank of America said on completing its takeover earlier this month that cost savings would come from a "range of sources", including job cuts, and the reduction of overlapping technology, sale and marketing costs.

Both banks declined to comment, but Bank of America has previously said that more details on the final number of worldwide job cuts would be given in early 2009.

Thousands have been axed across the sector, with the collapse of Lehman Brothers impacting 5,000 staff alone. And the industry is braced for further jobs pain from the Lloyds TSB and HBOS tie-up.