NEW YORK – Bank of America said Thursday it will layoff 4,500 employees as part of the company’s ongoing integration of FleetBoston Financial.
The reductions equate to 2.5 percent of the Charlotte, N.C.-based institution’s work force. It’s nation’s biggest retail bank with 33 million accounts and 5,800 branches.
Bank of America said the cuts will spell $150 million in severance costs from the third quarter through the first quarter of 2005.
“No one really believes they weren’t going to have any layoffs,” said Chris Marinac, an analyst with FIG Partners in Atlanta. “They have some large cost savings that need to achieved.”
The company, under fire in New England for allegedly cutting jobs and closing operations despite promises to the contrary, said the reductions announced Thursday — mostly from back-office positions — will not violate any job-retention agreements made as part of the FleetBoston acquisition.
For this complete story, please visit Bank of America to Slash Another 4,500 Jobs.
