Bank of America Corp., newly merged with FleetBoston Financial Corp., said Monday it will cut 12,500 jobs - or nearly 7 percent of its work force - over the next two years
Published:
6 April 2004 y., Tuesday
Approximately 30 percent of the cuts will come through attrition, the Charlotte-based bank said, with the remaining jobs - about 8,750 - being eliminated through layoffs and vacancies that won't be filled.
The cuts will begin this month, as the company starts to notify affected employees from its combined work force of 181,000.
Several workers leaving Bank of America's headquarters in downtown Charlotte Monday evening were not aware of the company's plans. Loan officer Veronica Dawkins said she had not received any word from the company.
The completion last week of Bank of America's merger with Fleet created the nation's No. 3 bank with assets estimated at $966 billion.
With about 5,700 branches, the new bank's footprint reaches from California through the South and up to New England. In assets, the bank trails only Citigroup and another planned megamerger between Chicago-based Bank One and J.P. Morgan Chase.
Šaltinis:
sacbee.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
European Commission Vice-President Siim Kallas, responsible for transport, today presented to the College a preliminary assessment of the economic consequences for the air transport industry of the volcanic ash crisis.
more »
Boosting economic recovery, investing in Europe's youth and in tomorrow's infrastructures are the priorities of the 2011 draft budget adopted by the Commission on 27 April 2010.
more »
European Competition Commissioner Joaquín Almunia welcomes proposed commitments by Visa Europe to significantly cut its multilateral interchange fees (MIFs) for debit card payments.
more »
Because of the Icelandic volcano, flower growers in Colombia couldn't get their stems to markets in Europe.
more »
The Second Vice President of the Spanish government and Minister of Economy and Finance, Elena Salgado, on Sunday played down the importance of apparent fissures within the EU concerning the Greek financial crisis, expressing her confidence that all countries would support the aid package for this country, which will be accompanied by a tough budget-tightening plan.
more »
Commission launches an information campaign on the CE conformity mark - designed to ease the free movement of goods around Europe and protect consumers.
more »
If Europe's airports ever open again the introduction of new security measures like body scanners will be expensive.
more »
After Eurozone Finance Ministers agreed measures to address Greece’s financial woes last Sunday, MEPs quizzed leading economic figures, including the chairman of Goldman Sachs - former financial advisors to the Greek government - on how to strengthen EU economic governance and improve reporting of national statistics.
more »
The European Tourism Stakeholders Conference, being held in Madrid today and tomorrow, will explore ways and means to strengthen the visibility of tourism at a European level and to verify how the actions to promote a competitive EU tourism industry.
more »
The European Bank for Reconstruction and Development (EBRD), World Bank Group member IFC, and The Netherlands Development Finance Company (FMO) have joined up with the Asia Debt Management Hong Kong (ADM Capital) to establish a regional fund to invest in midsize companies facing financing difficulties as a result of the financial crisis.
more »