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.

December 11, 2008

Bank of America to cut up to 35,000 jobs

According to MarketWatch: “Bank of America said late Thursday that it plans to cut up to 35,000 jobs over the next three years as the giant lender adjusts to a recession and completes the pending acquisition of brokerage firm Merrill Lynch.”

December 9, 2008

Republic’s Fired Workers Plan Bank of America Protest (Update1)

According to Bloomberg: “A fire roared in a trash bin outside the Republic Windows & Doors factory on Chicago’s north side last night, warming supporters who brought coffee, food and sleeping bags to 250 fired workers occupying the building.”
“Workers blame Bank of America Corp., the biggest U.S. retail bank, for the factory’s Dec. 5 closure after it canceled a line of credit to the manufacturer, whose sales have been gutted by the housing slump. The Charlotte, North Carolina-based bank has received $15 billion from the U.S. Treasury as part of its effort to boost capital, while Merrill Lynch & Co., the securities brokerage it is buying, has gotten $10 billion.”

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