Even though I said it isn't just banks and financial institutions that are cutting jobs, this sector continues to announce massive redundancies worldwide.

Today we learn of another big bank that is planning on making major headcount reductions. The Bank of America has said that they will cut 30,000 jobs, or 11% of their workforce over the next three years.

Given that this follows their purchase of Merrill Lynch it seems that most of these job cuts will occur in the US, but other centres such as London and Frankfurt are likely to suffer.