Bank of America To Cut 7,500 Jobs
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Bank of America Corp., the second-largest American bank, will cut about 7,500 jobs after buying Countrywide Financial Corp.
The purchase is expected to be completed July 1, Charlotte, N.C.-based Bank of America said yesterday in a statement. The reduction over the next two years — equal to about 2.9% of the combined staff — will occur where jobs overlap “throughout the country,” the bank said. Notices will be sent during the third quarter.
Countrywide’s shareholders Wednesday approved Bank of America’s takeover, originally valued at about $4 billion. The vote cleared the way for a bailout of the biggest American mortgage lender, which became a symbol of the subprime boom and bust. Calabasas, Calif.-based Countrywide employed about 50,000 people at the end of the first quarter, according to Bloomberg data. Bank of America’s staff was 209,000.
Bank of America fell 6.8% to $24.81 in New York Stock Exchange composite trading. Countrywide slipped 3.5% to $4.42.