Bank of America cuts 12,500 jobs

[gldstwmn]

http://money.cnn.com/2004/04/05/news...ex.htm?cnn=yes

Bank of America cuts 12,500 jobs

Banking giant plans to reduce work force as a result of its $48 billion purchase of FleetBoston.
April 5, 2004: 4:23 PM EDT



NEW YORK (Reuters) - Bank of America Corp. Monday said it plans to cut 12,500 jobs as a result of its $48 billion purchase of FleetBoston Financial Corp.

Chief Executive Kenneth Lewis has targeted $1.6 billion of cost savings from the merger. The cuts will take place over the next two years, and about 30 percent of them will come through attrition, the bank said.

Charlotte, N.C.-based Bank of America on April 1 completed its purchase of Fleet. The purchase created the No. 3 U.S. bank after Citigroup Inc. (C: Research, Estimates) and J.P. Morgan Chase & Co. (JPM: Research, Estimates), once the latter buys Bank One Corp. (ONE: Research, Estimates).

Bank of America (BAC: Research, Estimates) has about $938 billion of assets, 5,700 banking offices in 29 states and Washington, D.C., and about 36 million customers.