At least six senior legal roles at Merrill Lynch have been axed as part of the investment bank’s global restructuring.
New York associate general counsel Carlos Morales, general counsel of litigation and employment Barry Mandel, co-head of global litigation John Eisenberg, director and senior counsel Chris Haas and two more legal heads have been cut from the legal team and will be leaving the bank imminently.
The move comes after Bank of America’s $50bn acquisition of Merrill Lynch last September (22 September ).
Despite senior level cuts from Merrill’s in-house legal team, the investment bank’s vice chairman and general counsel Rosemary Berkery will remain in her position.
A Bank of America spokesperson said: “Bank of America expects to eliminate 30,000 to 35,000 positions over the next three years, reflecting the merger with Merrill Lynch and the weak economic environment, which is affecting the level of business activity. The reductions are coming from both companies and affect all lines of business and staff units.”
It is thought the majority of the combined bank’s cuts will be made in New York with the capital markets headcount expected to be reduced by approximately 30-40 per cent.
For more on legal redundancies and job prospects, see our Legal Job Watch page.