CHARLOTTE, N.C., Dec. 11 /PRNewswire/ -- Bank of America Corporation is
working on a plan to eliminate a significant number of positions over the next
three years reflecting the pending merger with Merrill Lynch & Co., Inc. and
the weak economic environment, which is affecting the level of business
activity.
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While both factors will result in the elimination of positions, the
company has not completed its analysis. Bank of America expects to have a
final plan early in 2009 and estimates it will project the reduction of
approximately 30,000 to 35,000 positions over the next three years. A final
number will not be determined until early 2009.
The reductions are coming from both companies and affect all lines of
business and staff units. Details as to specific reductions in communities or
by business line have not been determined. As many reductions as possible will
be made through attrition. Severance and other benefits will be provided for
those associates whose jobs are eliminated and who cannot be offered another
position.
The reductions are designed to eliminate redundancies created as a result
of the merger with Merrill Lynch and to reflect the current recessionary
environment.
Bank of America continues to do business actively with all of its client
segments. It continues to benefit from a flight to safety, attracting deposits
and new client relationships. In addition, the company continues to actively
originate loans through all of its credit product lines.
Shareholders of both companies voted to approve the transaction last week
and Bank of America is currently targeting a closing on Jan. 1, 2009.
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, more than 18,000 ATMs and award-winning online banking with
more than 25 million active users. Bank of America offers industry leading
support to more than 4 million small business owners through a suite of
innovative, easy-to-use online products and services. 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.
www.bankofamerica.com
SOURCE Bank of America
