Bank Of America To Shed 12,500 Jobs In Wake Of FleetBoston Acquisition

Bank of America is to cut 12,500 jobs as a result of its $48 billion purchase of FleetBoston. Chief Executive Kenneth Lewis is aiming at total savings of $1.6 billion from the merger. The cuts will take place over the

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Bank of America is to cut 12,500 jobs as a result of its $48 billion purchase of FleetBoston. Chief Executive Kenneth Lewis is aiming at total savings of $1.6 billion 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 says. Charlotte, North Carolina-based Bank of America on April 1 completed its purchase of Fleet. The purchase created the third largest US bank, after Citigroup and J.P. Morgan Chase, once the latter buys Bank One

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