Bank of America Replies to Massachusetts Jobs Letter

BOSTON – Bank of America, which acquired FleetBoston Financial in April, intends to restore the number of New England employees to “premerger levels” by 2006, the company said in a letter to Massachusetts’ banking commissioner.

The Sept. 3 letter came in response to Commissioner of Banks Steven Antonakes’ Aug. 25 letter to Bank of America Chief Executive Kenneth Lewis, asking Lewis to explain why the bank cut Fleet branch jobs it pledged to keep and moved two business units, supposed to be based in Massachusetts, out of the state.

Antonakes requested a reply within 10 business days. He was one of several Massachusetts officials who had voiced concern about Bank of America’s willingness to honor its commitments, along with State Treasurer Timothy Cahill, who said he was weighing whether to keep about $120 million of state business at the bank.

“We appreciate your concern about job losses in Massachusetts and Bank of America’s willingness to fulfill commitments made prior to the merger,” Gerald Hurst, the bank’s deputy general counsel, wrote to Antonakes. “However, a number of reports about business and employment changes at Bank of America that have been published in the past several weeks are not accurate or complete.”

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