Bank of America is to cut 12,500 jobs worldwide over the next two years.
The company - which employs around 2,000 people in Britain - said the move was linked to its merger last year with FleetBoston Financial Corp. Cuts are to start this month and will account for 7 per cent of the firm's total 180,000 employees.
The bank announced its merger with FleetBoston Financial Corp last year and completed the deal on April 1st.
In a statement it said reductions would mainly occur where there was an overlap in processes between the two companies. About a third of the reductions would be achieved through not replacing staff when they leave.
The bank said it would try to find new jobs within the bank for those who lose their positions.
Bank of America has around 33 million customers and 16,500 ATM machines, and more than nine million people use its online banking services. The company serves clients in 150 countries.