FleetBoston plans $700 million cut in expenses

NEW YORK — FleetBoston Financial Corp. says it plans to cut 8 percent from its annual expenses, but expects to meet analysts’ first-quarter estimates, reports said.

The cuts — expected to be between $400 million and $700 million — are in response to a market slowdown, and will be achieved by scaling back costs associated with consulting, travel, some marketing, and advertising, reports said.

FleetBoston is expected to earn 79 cents per share for the quarter, compared to 84 cents per share during the same period a year ago.

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