Legal staff at Bank of America and Merrill Lynch have been asked to re-apply for their jobs, as the duo prepare to complete their tie-up in the new year. The two banks have a combined legal team estimated at around 700 lawyers - including those embedded in front office positions - and it is understood that every member is having to re-apply for their post. The move follows Bank of America's $50bn (£38bn) acquisition of investment bank Merrill in September.
December 11, 2008 at 12:28 AM
1 minute read
The original version of this story was published on Legalweek
Legal staff at Bank of America and Merrill Lynch have been asked to re-apply for their jobs, as the duo prepare to complete their tie-up in the new year.
The two banks have a combined legal team estimated at around 700 lawyers – including those embedded in front office positions – and it is understood that every member is having to re-apply for their post.
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