CHARLOTTE, N.C. – Including credit union deposits towards a cap that would limit banks from gaining 10% of U.S. deposits through an acquisition is being supported by Bank of America. While BofA supports the inclusion, CEO Ken Lewis told the Charlotte Observer after a recent International Society of Six Sigma Professionals conference here, it is not pressing for any regulatory change, which could widen the pool of U.S. deposits but decrease the bank's market share." If we don't get any change in the law, that's fine," Lewis told the newspaper. "We have the greatest franchise in America that can't be duplicated." BofA controls 9.9% of the nation's total deposits, according to the Federal Reserve, the newspaper reported. Lewis also touted the success BofA has amassed since the $47 billion FleetBoston Financial Corp. merger nearly a year ago. The merger gave the bank a strong presence in the Northeast and increased savings and checking accounts throughout the region, he said. Still, the merger will see the elimination of 12,500 jobs in an effort to achieve $1.3 billion in annual savings. In October, the bank announced an additional 4,500 layoffs as it continued to restructure its small business and premier banking units. Some New England credit unions say they are reaping the benefits from the bank mergers that have hit the area over the years by appealing to former bank customers who have complained about higher fees and poor customer service.
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