Bank of America Corp, which is set to acquire Merrill Lynch & Co Inc before the end of the year, is also expected to cut about 10,000 investment banking jobs at the combined banks, CNBC reported on Monday.

Bank of America spokesman Scott Silvestri said in an e-mailed statement, "We are following the same review process to evaluate staffing levels used in every merger transition and we have nothing to announce."

Bank of America and Merrill shareholders are scheduled to vote on the merger on December 5.

Shares of JPMorgan closed on Monday down $5.54, or 17.5 percent, at $26.12 on the New York Stock Exchange, while shares of Bank of America closed down $3.40, or 20.9 percent, at $12.85. Shares in Merrill closed down $3.09, more than 23 percent, at $10.19.

Bank shares were among the biggest decliners on Monday on expectations the deepening global economic slump will cause credit losses and write-downs to soar.