Bank of America to begin layoffs
By: Bryn Hough and the Associated Press
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CHARLOTTE -- After releasing a dismal third quarter report, the second largest bank in the country and the third largest employer in Charlotte will cut 3,000 jobs.
Hundreds of layoffs are expected to be announced Monday morning.
About 15,000 Bank of America employees work in Charlotte but officials say no city will lose more than 150 jobs. Officials said the job losses would make up less than 2 percent of the entire workforce with the corporate and investment banking areas taking most of the hit.
The layoffs follow the announcement Thursday that bank of America’s third quarter profits fell 32 percent.
About 15,000 Bank of America employees work in Charlotte.
The layoffs at Bank of America are among the largest at the bank under Chief Executive Kenneth D. Lewis, who took the helm in 2001. The bank cut 12,500 positions after it acquired FleetBoston Financial in 2004, and an additional 4,500 in a follow-on restructuring. Upon his purchase of credit card issuer MBNA Corp. last year, Lewis cut about 6,000 jobs. The bank plans to eliminate 4,000 jobs in this year's purchase of LaSalle Bank Corp.
Charlotte-based Wachovia Corp., which saw its third-quarter profit fall 10 percent due to unrest in the nation's credit markets, said Friday it planned to eliminate about 200 jobs within its investment bank by year end.
The Associated Press contributed to this report.