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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.

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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




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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.