NewsMine — economy — united-states — 2004 — 2004-apr-may — Viewing Item

Bank of america cuts 12k jobs Original Source Link: (May no longer be active)    http://apnews.myway.com/article/20040405/D81OS1TO0.html http://apnews.myway.com/article/20040405/D81OS1TO0.html Bank of America to Cut 12,500 Jobs Apr 5, 4:26 PM (ET) By PAUL NOWELL 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. Instead, the bank has said it expects to get about $650 million in savings from trimming overlapping operations and processes. For example, the bank will be able to consolidate headquarters for combined business lines, Lewis has said. "When we discuss job reductions, we are talking about positions not necessarily people," said Marc Oken, transition executive for Bank of America. "As a large employer, we will continue to create jobs over time. These are difficult decisions and we are committed to supporting our associates during this time."

Asain stocks plunge on rate hike fears Bank of america cuts 12k jobs Big drop in us job claims Bubbling us inflation boosts talk of fed rate rise Buffet warns inflation heating up { May 3 2004 } Bush job growth helped by supermarket strike ending { April 3 2004 } Consumer prices rise heightening inflation concern { April 14 2004 } Consumer prices rise more than expected causing inflation Dollar slide as job claims less than forecast Dow slumps below 10 thousand Fired workers train their replacements in india { April 6 2004 } Four hundred thousand gave up looking in february { March 11 2004 } Greenspan reiterates stern deficit warning { May 6 2004 } Greenspan warns of deficit as big threat to economy { May 7 2004 } Homeless vets of iraq { April 24 2004 } IMF warns housing prices asset bubble { April 23 2004 } Inflationary pressures build Lower market blamed on job growth { May 7 2004 } Markets falter amid fears over us rate rise { May 10 2004 } Military families on food stamps Milk prices expectd to drop to normal Mortgage applications drop as home buying slows Pay in england grows as unemployment falls { April 16 2004 } Stocks bond gold sink on china fears Stocks fall on good jobs report Stocks hit 2004 lows Summer teen jobs scarce Trade deficit widens as follar falls Unemployment rise 30 thousand april week { April 16 2004 } Us trade deficit hits record as imports increase Weak dollar oil prices shatter the global economy { March 24 2004 } Files Listed: 31

Correction/submissions

CIA FOIA Archive

National Security Archives

This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information, go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purpose of your own that go beyond 'fair use', you must obtain permission from the copyright owner.