January 14, 2009

Bank of America lays off nearly 140 in Charlotte, NC

Bank of America Corp. has confirmed in a filing with North Carolina officials that it is laying off nearly 140 workers from a financial-advising unit called Preferred Services, which is aimed at middle-class investors and is reportedly being replaced by a comparable Merrill unit.

The bank also said it is laying off about 85 workers at a Preferred Services site in Dallas.

Bank of America agreed to purchase wounded investment firm Merrill Lynch & Co. in September. Last month, it said it expected to cut 30,000 to 35,000 jobs, or about 10 percent of the combined work force, over the next three years as a result of the Merrill purchase and the sagging economy.

Source: Charlotte Observer.

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