We really need to seriously move away from "too big to fail" because the BofA purchase of Merrill Lynch expanded an already too big financial organization. The merger-mania that has come as a result of the credit crisis may be saving banks from total failure but the last thing we need are fewer banks with even larger balance sheets to support. Republicans convinced everyone that what was needed was to throw out the New Deal banking laws and look how that's all worked out.
Bank of America can be expected to cut at least 10,000 investment banking jobs as it moves to absorb Merrill Lynch, sources have told CNBC.
The layoffs will start before the end of the year and possibly as soon as this week.
