It was previously estimated that 10,000 jobs would be on the chopping block atMerrill Lynch andBank of America as a result of the acquisition of BoA announced in September, but CNBC reported unnamed sources saying three times that number could be lost during the absorption.

Mr Mattia, a former director of Merrill Lynch’s “flagship” branch – the firm’s largest office housing 200 of the representatives and financial advisors – was escorted from the midtown Manhattan building, according to a report in InvestmentNews.

It was not immediately clear whether Mr Mattia’s departure from the firm was directly related to the merger.

Bank of America chief executive Kenneth Lewis has said he wants to find $7 billion in savings from the merger over the next few years, a number that will equate to some 30,000 job cuts, CNBC said, citing unnamed sources.

The acquisition of Merrill Lynch by the Charlotte, North Carolina based bank for about $50 billion is expected to close in the first quarter of next year.

Meanwhile, Merrill Lynch plans to cut year-end bonuses in half, Bloomberg said today, citing people familiar with the matter.

The average bonus reduction will be about 50 per cent at the New York-based company.

While employees won’t find out their bonuses until later this month, division managers are being told now how much they’ll get to distribute. WealthBriefing could not immediately contact Merrill to comment on the matter.