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Finextra

Merrill Lynch CEO John Thain says he expects to see thousands of job cuts in IT, finance, and administration as the company looks for $7 billion in savings from its merger with Bank of America.

Speaking to Bloomberg News from Dubai, Thain said most of the job losses will be in IT, operations and finance, but that jobs won’t be eliminated in fixed income and commodities.

“We haven’t mapped it out in terms of actual number of people, but we are committed to saving $7 billion across the combined platforms, and that will be a challenge,” Thain said. “Between our two companies, it will be clearly thousands of jobs.”

The trading conditions for some organizations are going to be challenging for the near future anyway, the demand though for people though should return as those integration projects kick off as a result of the recent mergers and acquisitions. There’s also the fact that data center constraints remain and at some point organizations’ data center will reach their capacity and consolidation or move projects will become a business requirement. Business as usual continues, how you adapt your business around this is going to depend on you and your business.

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