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
The Gas Coordination Group, chaired by the Commission, met this afternoon to analyze in detail all elements of the preparedness of the EU and the Energy Community for a potential supply disruption in the Winter 2009/2010.
more »
In a meeting of the European Bank Coordination Initiative Group, held in Brussels, the parent banks of the nine largest banks operating in Romania reaffirmed their commitment to maintain their exposure to the country and ensure adequate capital levels over 10 percent for their affiliates.
more »
Airline airBaltic has informed of its plans to resume some flights from Vilnius International Airport before the end of this year.
more »
The European Commission has approved under EC Treaty state aid rules the restructuring plan of Lloyds Banking Group.
more »
"Finance and climate change" was under discussion at a 10 November hearing in parliament's Industry, Research and Energy Committee.
more »
The International Monetary Fund announced today the sale of 2 metric tons of gold to the Bank of Mauritius, the nation’s central bank.
more »
The euro area economy grew by 0.4% in the third quarter. Is the crisis over?
more »
After lots were drawn, ten winners of Danske Bankas scholarships and one winner of an iPod shuffle player were established.
more »
From 16 November 2009, AB Bank SNORAS network starts providing new products – one can sign agreements of “Finasta Asset Management” II level pension accumulation funds in all subdivisions of the bank.
more »
The expected turnaround in the Baltic Rim economies is likely to gradually improve the business opportunities for Nordic companies operating in the region.
more »