Don't Blame Me, I Voted For Kerry Message Board

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Politics : Don't Blame Me, I Voted For Kerry

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To: redfish who wrote (12560)	4/5/2004 5:46:26 PM
From: American Spirit	Read Replies (1) of 81568

Bank of America to cut 12,500 jobs - - - - - - - - - - - - By Paul Nowell April 5, 2004 \| CHARLOTTE, N.C. (AP) -- Bank of America Corp., which completed its merger with FleetBoston Financial Corp. last week, said Monday it will cut 12,500 jobs, or about 7 percent of its combined work force. Approximately 30 percent of the cuts will come through attrition, the Charlotte-based bank said. The reductions will occur over the next two years and will begin this month. Bank of America chief executive Ken Lewis has said he wants to achieve about $1.6 billion in cost savings by the end of 2005. The two banks don't have a large number of overlapping branches that can be closed, which is a major source of savings in many bank mergers. * So why is employment going up? Seems like good jobs are being hemmoraged and low-level jobs are filling. I'll bet you wages are going down as well as health benefits.

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