Bank of America to eliminate thousands of jobs
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Bank of America said it will cut about 4,500 positions, or about 2.5 percent of its workforce, beginning this month. The layoffs will take place across the bank&#39;s geographic footprint and in all lines of business
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Bank of America Corp  on  Thursday said it will stop offering home mortgages through  brokers by the end of the year, resulting in a loss of 700  jobs, so that it may focus on lending directly to consumers.
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Bank of America Corp. said yesterday it will bring 300 more jobs to Boston as part of its wealth management unit. The decision comes after the bank agreed
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Bank of America Corp. (BAC.N: Quote, Profile, Research) , which suffered bad publicity over layoffs at former Fleet branches, on Friday said it will move an additional 300 jobs to Boston next year.
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The layoffs are a result of Bank America&#39;s merger with FleetBoston Financial Corporation.
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Bank of America began cutting jobs Wednesday but officials would not confirm how many or where. But a spokeswoman said cuts were occurring, and would eventually reach 12,500, the same number given in spring when the merger became final.
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US investment bank Lehman Brothers says it will cut 1,300 jobs as its scales back its US home loan business.
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Bank of America Corp. will make further cuts to its work force, eliminating another 4,500 positionsâor 2.5 percent of its employee baseâduring the next six months.
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Deutsche Bank, Germany's biggest bank, said it planned to eliminate 1,920 jobs in Germany in the next two years, or seven percent of its German workforce, to cut costs.
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IndyMac Bancorp Inc , one of the largest U.S. mortgage lenders, said on Tuesday it is eliminating 2,403 jobs, or 24 percent of its workforce, to cope with deteriorating housing and capital markets.
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Connecticut's attorney general, Richard Blumenthal, said yesterday that Bank of America Corp. told him it would cut 100 jobs in Connecticut but add about the same number, marking the first time the bank has given any state an account of how many employees would be affected by its merger with FleetBoston Financial Corp.
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Bank of America Corp.  on Thursday said it would increase the number of jobs it will cut by 36 percent to 17,000 after its acquisition of FleetBoston Financial as it simplifies operations.
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Bank of America Corp  on Wednesday said it planned to eliminate 3,000 jobs, and shook up its corporate and investment bank after a dismal quarter at that unit led to a 32 percent drop in overall profit.
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Bank of America said Thursday that it would cut an additional 4,500 jobs from its work force, increasing the number pared since its acquisition of FleetBoston Financial by 36 percent, to 17,000.
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CHARLOTTE, N.C. -- After a tough third quarter, Bank of America Corp. has become the latest bank to slash jobs due to poor results brought on by the unrest in global credit markets.
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Charlotte-based Bank of America Corp. will slash 4,500 positions from its work force, or about 2.5% of its payroll. The company expects to incur charges of $150 million over three quarters, beginning in the third quarter, from severance payments.
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Bank of America Corp. plans to lay off hundreds of tellers and other branch employees at Fleet banks today, asking them to leave the building immediately as part of the process, according to documents obtained by the Globe and Fleet branch managers told of the decision.