Bank of America Purchase of Countrywide Receives Key Approval
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During the next several months, work will be under way to integrate the two companies. As previously announced, the company expects substantial cost savings. Based on current estimates, Bank of America anticipates about 7,500 positions will be eliminated as part of combining the two companies. The reductions will take place throughout the country. Final decisions on all specific associate groups and locations have not been made.
The reductions are expected to take place over the next two years and the company will begin notifying impacted associates in the third quarter. Most of the reductions will occur in instances where the two companies have significant overlap such as staff support. Bank of America will continue to monitor market conditions and make adjustments as appropriate.
Eligible associates will be offered severance packages. Bank of America will work with state and local officials to support job placement, training and other means to assist in the transition process.
Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 59 million consumer and small business relationships with more than 6,100 retail banking offices, nearly 18,500 ATMs and award-winning online banking with nearly 25 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in more than 150 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
SOURCE Bank of America