Bank of America Corp.’s $48 billion
purchase of FleetBoston Financial Corp. may lead to the
elimination of as many as 11,000 jobs, a 6 percent reduction,
according to analysts at RBC Capital Markets and Lehman Brothers
Holdings Inc.
Bank of America Chief Executive Officer Kenneth Lewis, 56,
has targeted $1.6 billion in expense reductions once the bank
combines with FleetBoston early next month. The Charlotte, N.C.-based company hasn’t said how many of the two companies’ 181,000 workers would lose their jobs.
Seifert Systems Invests in Energy Efficiency to Strengthen Operations
For manufacturers, energy is more than just another operating expense. It plays a critical role…
Learn More
Employees make up about 50 percent of the two banks’
operating costs. One analyst said Bank of America would have to slash 9,000 to 11,000
jobs to generate half of the planned expense reductions, with the
rest coming from lower costs from areas including marketing, real estate and purchasing and supplies services.
Bloomberg News
