BofA's New England Promise

September 2004
Investment Dealers' Digest;9/13/2004, Vol. 70 Issue 35, p4
Trade Publication
This article focuses on cutting of jobs by the Bank of America. The bank has been in the hot seat lately after reports that it whacked some 1,500 jobs in its Boston-based Fleet branches, said that it plans to add more jobs in New England, bringing totals back to premerger levels by 2006. BofA's promise came after Massachusetts Commissioner of Bankers Steven Antonakes sent a letter to BofA chief Kenneth Lewis in late August asking why the bank cut Fleet branch jobs it said it would keep. Antonakes's letter was not without merit. BofA had announced that as part of its $48 billion acquisition of Fleet, it would cut 12,500 jobs overall but said that it was unlikely that Fleet employees would be affected, and 30% of those reductions were expected to come through attrition.


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