CHARLOTTE, N.C. – In a move that officials say is expected to save Bank of America Corp. $650 million, the company announced yesterday it will cut 12,500 jobs over the next two years with the first round of layoffs occurring this month. The news comes on the heels of Bank of America's recent completed merger with FleetBoston Financial Corp., making the Charlotte, N.C.-based bank the third largest bank in the nation with $966 billion in assets and 5,700 branches. Bank of America Spokeswoman Eloise Hale said affected employees will be notified this month but did not specify in what cities positions would be eliminated. Bank of America has 180,000 employees.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
