BofA to Eliminate 4,500 More Jobs
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Bank of America Corp. said it would cut an additional 4,500 jobs as a result of its merger with FleetBoston Financial Corp. and declining business in mortgages.
The 2.5% reduction of the workforce comes on top of 12,500 layoffs that the Charlotte, N.C.-based bank previously said it expected to see from the merger, which occurred this year. BofA employs about 178,000 people.
The bank said it expected the new layoffs would result in $150 million in severance costs between the third quarter of this year and the first quarter of 2005.
Shares of BofA rose 18 cents to $45.53 on the NYSE.
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