We can expect to see so many more layoffs once the merger is completed. Not only consolidation layoffs (which in themselves will be huge,) but this will give both banks a perfect opportunity to get rid of whomever they want without too much bad press - most will be focusing on merger itself and what it means for the banks in general.
So good luck everybody, we'll need it.
There will be huge layoffs because most of the senior managers' long term bonuses are directly tied to lowering costs. Doing things cheaper and better takes effort, laying people off does not. And management is nothing if not lazy. You think they will ask you how to do things cheaper, better, so some jobs will be saved? No - the deal probably assumes 15-20% cuts from total headcount to make this work, if not more. The younger folks will get an intro into what us middle agers have dealt with a long time -> NO COMPANY CARES ABOUT YOU, you are a cost to be lowered or eliminated if possible.
Regarding other banks, the constant layoffs may explain the large underground market for Xanax among BofA and WF employees. It's easier to deal with this stuff if you're numb.
For sure more will be released from the AML/FIU department in Wilson, Raleigh, Charlotte, WS and Lumberton. Suntrust has not experienced as much as BB&T has in this department. My understanding is the AML/FIU department currently at BB&T does not have it all together!
Why do you think there will be "huge" layoffs? This will be the 6th largest bank in the nation. They can not layoff everyone and expect this new huge company to run smoothly. BOA, Citi and Wells have cycle layoffs all the time and turn around re-hire some of the same people. I foresee this happening with us in the coming years.