Bank of America to layoff 4,500 employees

[cthrumatrix]

Bank of America to layoff 4,500 employees (BAC)

By David Weidner
NEW YORK (CBS.MW) -- Bank of America said it will lay off 4,500 employees, or 2.5 percent of its workforce, as part of its integration of FleetBoston Financial. BofA (BAC) based in Charlotte, N.C., said the cuts will cost $150 million in severance from the third quarter of 2004 through the first quarter of 2005. The cuts will come mostly from back-office positions. Shares of BofA closed up 53 cents to $45.25 on Wednesday.

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?siteid=mktw&dateid=38267.3926041667-822814649&

[ladybugg33]

1. And raise ATM and other service costs.

They all are draining us dry. When you find out who owns and controls the big banks, corporations, and businesses that fall on their knees at the holy grail of profits and media propaganda you will have the answer to who are the real terrorists fighting America.

[russian33]

2. Fleet laid off people too, due to this merge

I might have to start looking for a new bank, I already use ING Direct for my savings.

[ET Awful]

3. I've been using Citizens for a few years, after all t he Fleet

turmoil I didn't want to deal with them anymore. From Bank Boston to Fleet (some to Century), etc. I just got sick of it :).

[makhno]

12. It sucks

Fleet is (was) a reasonably decent business to deal with. I hope they at least keep my branch open.

[qanda]

4. I love Bank of America

They have excellent customer service. I certainly hope they don't change much-- I'm running out of banking options.

[onehandle]

6. I love people. Banks can suck my balls. nt

[qanda]

8. I hear ya...

It's just hard finding a bank these and I thought B of A was at least a decent one. Things like this make me wonder. I guess it's all about profit and they don't really care about anything but how much money they can make.

[mhr]

5. That Magical Economy Just Keeps Getting Better! Or Is This Just A Myth?

eom

[cthrumatrix]

7. consolidation, power etc.... the people LOSE

[hatrack]

10. Don't be an economic Gahly-Man!!

And why do you hate freedom, huh? Pessimists like you are helping the terrorists win!!!

;-)

[goodboy]

9. It's hard work...losing jobs...nt

[mhr]

11. LMAO - That's A Good One!

eom

[Skittles]

13. pardon my ignorance but what exactly does "back-office" mean?

nt

[UpInArms]

15. here are a couple definitions

back office
n.
The internal operations of an organization that are not accessible or visible to the general public: “The... bank will... modernize its back office and computer systems and improve its marketing and customer service” (Peter Sinton).

back office

The physical location within a business where records are kept and processed. In the case of a brokerage firm, the back office includes the section where individual account records are kept, checks are processed, and security certificates are sent. Also called operations department.

[Solon]

14. Fun FACT!!!

well maybe not so fun. BOA was also Gianinni's Bank of Italy, the Bank that handled Mussolini's accounts in America and internationally. BOA was co-founded by a fascist who was Mussolini's personal banker, isn't this fun?

[young_at_heart]

16. Further evidence of the road to recovery

I'm sure all these people can find similar jobs!

[daa]

17. The Bush jobs juggernaut just rolls on

Watch tomorrow when they give the phony jobs numbers all doctored up.

[Chico Man]

18. This is going to hit RI hard

1/2 of my building is FleetBoston.

[Renew Deal]

19. That's just terrible.

[mbperrin]

20. Woo-hoo! That * job machine is on fire, baby!!!!

Look at it go!

[freeplessinseattle]

21. the one down the street from me was demolished, then

rebuilt, for no apparent reason. It wasn't much different, as far as I could see, about the same size, but less tellers, it just seemed pointless to me. then upon opening the new bank, they reduced the hours of operation, yeah, new and improved.

[VegasWolf]

22. LBN: BOFA hires 4500 employees overseas!

"Kerry has a 'chocolate chip' on his team", Limbaugh says
on his radio show after learning Jesse Jackson has joined the organization.