Bank of America Plans Job Cuts of Up to 13,000

[DuctapeFatwa]

Bank of America Corp. (BAC, news) is planning to cut as many as 13,000 jobs as it completes its acquisition of FleetBoston Financial Corp. (FBF, news), people familiar with the expense cuts told The Wall Street Journal.

The job cuts would come through layoffs and attrition from the operations of both banks and will begin in April to coincide with the expected completion of Bank of America's $48 billion purchase of Fleet, according to these people. The job cuts, which range from 12,000 to 13,000, amount to about 7% of Bank of America and Fleet's combined work force of 181,000.

Today, shareholders of both banks are expected to approve the acquisition in meetings in Charlotte, N.C., and Boston, where Bank of America and Fleet, respectively, are based. The Federal Reserve Board approved the combination March 8.

http://www.quicken.com/investments/news_center/story/?story=NewsStory/dowJones/20040317/ON200403170049000032.var&column=P0DFP

[pinniped]

1. +13,000 manufacturing jobs when they get McJobs.

n/t

[PaDUer]

2. Hmm...just think....

13,000 for Iraq draft...these people are sickening..What do they expect people to do, hit the banks and end up in jail!

[Systematic Chaos]

3. Bank of America is currently at the top of my s**t list!

I don't think there could possibly exist a more screwed-up, customer unfriendly place than B of A. At the beginning of January they nearly cost us our apartment and everything else, simply because they didn't like the way my wife and I endorsed a check we deposited using an ATM. And the worst thing about that was that it wasn't the first time we did something the way we did, it was about the sixth or seventh! Then, I have a credit card with them that I am paying off as quickly as possible and when it's paid off I will be closing that account. My checking and savings accounts were closed back in January after the fiasco, and I now do business only with a small credit union here in Nevada. Everyone else I have spoken to except for ONE PERSON feels the same way I do. The only person who likes B of A only likes them because of their online banking. I admit it's a nice feature but I have shown myself over the last couple of months that it's nothing I can't live without.

I hope they drown in their own pathetic, bulls**t policies and practices! Although, I do feel genuinely sorry for those who are losing their jobs. I hope there is a better banking institution out there that might make room for a good number of them.

[theoceansnerves]

4. yep

bank of america is the worst bank i've ever dealt with. well, besides wells fargo maybe. i'd say they're both tied for #1.

[Arugula Latte]

6. Is it possible for you to joing a credit union?

They're usually much more consumer-friendly than the big boys.

[Norquist Nemesis]

5. But Spring is supposed to have a rosy picture!

Job prospects are projected to be upbeat! I heard it on hate radio this morning so it must be true!

[Almost_there]

7. I heard about the jobs months ago!

Well, I would like to know how many are being "retired" with severance, and how many will have to be actively looking for work. It will actually make a difference, since let's say of the 13,000, 4,000 are close to retirement age, they get a handshake, a severance package, and they are off into retirement. (I use 4,000 since it does say attrition and layoffs, its cheaper to use attrition in a merger like this.)

But, Bank of America will now return you to your regularly scheduled programming of just a few banks.

I lived in Boston when Fleet and Bank of Boston started buying up the local & regional banks, then couldn't find any more so they ate eachother. It just created such a mess. This will be another gigantic corporation that just ignores the little guy and focuses only on corporate accounts.

Whatever happened to the small bank where you walked in with your passbook savings, grabbed a lollipop for the kids, and they treated you nicely if you had $5 or $5,000,000? Just to have free checking, ATM's and earn a sweet 1%, I have to maintain something like $20,000 combined in all my accounts. Just for the HONOR of having them hold my money. Scum suckers.

[UpInArms]

8. kick

:kick:

for every job lost, 10 more people are affected by the loss of income - the continuing tragedy of the BFEE's policies will be felt throughout this country for generations.

All I can think of is when this POS said "I'm gonna pick up where ma (sic) daddy left off" - and I remember the devastation caused by his evil father and that senile POS RayGun.

We need to kick this junk to the curb and fast.

[NeoConsSuck]

9. King of the Corporate Outsourcers.

http://www.nomoreh1b.com/BankOfAmericaSuicides.aspx

http://www.ciol.com/content/news/2003/103101405.asp

http://www.infoworld.com/article/04/02/18/HNbofaindia_1.html


This is corporate scum. Please *don't* do business with this company.