According to Bloomberg, Merrill Lynch CEO John Thain expects "thousands" of job cuts—mostly in IT, operations and finance—to take place from its merger with Bank of America in an attempt to shave $7 billion in expenses. An article states the firm has already cut more than 5,000 jobs in the past 18 months and is reducing its headcount to about 60,000.

Meanwhile, HSBC says it plans to cut 232 U.S.-based branch and cell center jobs in New York State. This comes a month after the UK institution announced plans to cut 4 percent, or 1,100, of it's worldwide workforce due to the credit slowdown.

Originally published in Bank Technology News.