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
Motorola, Inc. today reported sales of $7.5 billion in the third quarter of 2008.
more »
The global financial crisis has already battered many European banks. Now it is hitting the EU auto industry, the world’s largest producer of motor vehicles.
more »
The European Commission has approved, under EC Treaty state aid rules, a German rescue package intended to stabilise financial markets by providing capital and guarantees to eligible financial institutions.
more »
A new report by the European Commission has assessed the competitiveness of the European Union in the global economy at the end of a decade of rapid economic change.
more »
Revenue surpasses $15 billion with healthy sales of enterprise software and Xbox 360 consoles.
more »
Airport charges are one of the hidden costs of flying and usually they are passed on from airlines to passengers.
more »
US and European leaders agree to series of summits on world finance.
more »
On Monday MEPs will debate a recovery plan for cod stocks in the North Sea and West Scotland. With over 70% of the world’s fish species already fully exploited or depleted, fisheries faces a crisis.
more »
A new study released by the European Commission today confirms the trend towards more private pension provision in the EU but highlights the need for inclusive coverage and adequate pension levels.
more »
Thursday, October 16, Brussels. President of the Republic of Lithuania Valdas Adamkus attended the second day session of the European Council meeting.
more »