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 finance chiefs from the leading economies met in southern England to discuss measures to deal with the global economic crisis.
more »
Environmental projects up for bid at ‘auction floor’ conference in Brussels.
more »
In the United States increasing numbers of men are having vasectomies to avoid any added strain on hard-pressed finances.
more »
Within last year the number of settlement operations made by using AB Bank SNORAS payment cards grew by 21 per cent or twice more than on the market where 10 per cent growth was fixed.
more »
The “Erika III” package, aimed at protecting Europe's coasts from maritime disasters and improving passenger and crew safety, was adopted by Parliament on Wednesday.
more »
Improving the transparency and the supervision of the financial system to ensure proper risk management in the banking sector is the aim of legislation approved on Monday by the Economic and Monetary Affairs Committee.
more »
MEPs could back speeding up the rate at which Europe's regional funds are made available.
more »
The Commission has taken a humanitarian decision for €700,000 to provide assistance to communities affected by floods in Fiji, the Solomon Islands and Papua New Guinea.
more »
The international business magazine Euromoney has announced the results of its Private Banking Survey 2009, and Parex banka has received the award for “Best Private Banking Services Overall” in Latvia.
more »
Mass layoffs and inflation are pushing people to seek food aid.
more »