CNN/Money One for credit card only hard offer form at $9.95 One for risk-free form at $14.95 w/ $9.95 upsell  

Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

News > Fortune 500
Bank of America cutting 4,500 jobs
No. 3 U.S. bank to reduce staff by 2.5% following FleetBoston acquisition.
October 7, 2004: 9:53 AM EDT

NEW YORK (CNN/Money) - Bank of America announced it is cutting about 4,500 jobs, or about 2.5 percent of its staff, following its acquisition of FleetBoston Financial earlier this year.

Bank of America Corporation
Fleetboston Financial Corporation

The nation's third largest bank said that layoffs will start this month and will cost the company about $150 million in severance costs, which it will spread out over three quarters. It did not give an estimate for cost savings from the reductions.

The bank said that relatively few of the job cuts will be among staff members who have direct contact with customers. It said also said the cuts will not affect employment commitments Bank of America made in New England as part of its effort to win regulatory approval for the $47 billion purchase of FleetBoston.

The company said it completed a realignment last month that greatly simplified the bank's organizational structure. It said the realignment led to the creation of the bank's new technology, service & fulfillment group, which it said will streamline the bank's service infrastructure.  Top of page

  More on NEWS
The Hyperloop: 11 things to know
These 7 cars are stars
Best credit cards for business travelers
How Corporate America keeps hacks secret
The nation's cheapest gas is in...
Gates launches multi-billion clean energy fund

graphic graphic