Bank of America is cutting up to 35,000 jobs over the next three years following its takeover of Merrill Lynch.
Reductions will be made at both companies and will affect all lines of business, the bank said, blaming the weak economic environment and the pending merger.
The cuts could affect 11 per cent of the company's 308,000 workforce. However, the bank said it would not give exact figures until early 2009.
"The reductions are designed to eliminate redundancies created as a result of the merger with Merrill Lynch and to reflect the current recessionary environment," said Bank of America in a statement.
Bank of America, which snapped up Wall Street bank Merrill Lynch following the fallout from the collapse of Lehman Brothers, said it has benefited from a "flight to safety", attracting deposits and new clients.
The announcement is the latest in a string of job cuts across US businesses. Last month, Citigroup said total headcount reductions would reach 75,000.
US unemployment rose sharply last month, with the number of Americans claiming unemployment benefit for the first time hitting a 26-year-high.
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