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mfg98390
127 Posts |
 Posted - 06/30/2008 : 6:30:13 PM
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Bank of America to cut 7,500 jobs after merger
By John Spence, Marke*****ch
Last update: 4:03 p.m. EDT June 26, 2008BOSTON (Marke*****ch) -- Bank of America Corp. on Thursday afternoon said it expects to eliminate about 7,500 jobs after it completes the acquisition of mortgage lender Countrywide Financial Corp.
The announcement came one day after Countrywide (CFCCountrywide Financial Corp
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CFC) shareholders approved the proposed takeover by Bank of America (BACbank of america corporation com
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BAC) . The deal is expected to close on July 1.
Bank of America in a statement said the job cuts will take place around the country. Final decisions on all specific groups to be reduced and their locations haven't been determined, and the Charlotte, N.C.-based company "will continue to monitor market conditions and make adjustments as appropriate."
The reductions are expected to happen over the next two years. Affected workers will be notified in the third quarter, and eligible employees will get severance packages, the bank said.
Attorneys general from three states on Wednesday filed lawsuits against Countrywide and its chief executive, Angelo Mozilo, over its mortgage-lending practices. See full story.
Bank of America in January agreed to purchase Countrywide in an all-stock deal.
Shares of Bank of America were down about 7% in afternoon dealings Thursday amid a broad pullback in the financial sector on lingering credit fears |
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financeone
1634 Posts |
Posted - 06/30/2008 : 6:34:17 PM
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You be behind el  on this one. |
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mfg98390
127 Posts |
Posted - 06/30/2008 : 6:40:59 PM
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| Just trying to get the word out I just got the link to the email today |
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waynepbright
3660 Posts |
Posted - 06/30/2008 : 6:45:57 PM
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Not a surprise at all about the layoffs though  |
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MisterVA
6558 Posts |
Posted - 06/30/2008 : 7:09:24 PM
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quote:
Originally posted by waynepbright
Not a surprise at all about the layoffs though
I suspect many of them could be in the servicing/processing area where there is a duplication of services. But they may look at the proximity of CW offices to BOA offices to target for closure as well. |
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waynepbright
3660 Posts |
Posted - 06/30/2008 : 7:12:40 PM
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I know in my area, they've closed 2 Countrywide branches in the last 9 months .. |
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djorge44
1508 Posts |
Posted - 06/30/2008 : 7:23:16 PM
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| There going to be closing more with all these law suits against CW |
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