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News : Bank of America to Lay Off 3,000 Workers
April 9, 2014 -- About 3,000 Bank of America employees are expected to lose their jobs as the Charlotte-based bank trims its overseas operations.
BofA plans to shutter offices in Taguig City, Philippines; Guadalajara, Mexico; and San Jose, Costa Rica. Some of the jobs and functions will be consolidated into other BofA sites. Though it varies, much of the work performed at the sites to be closed are of a call-center nature.
The offices that will close are part of BofA's Global Technology and Operations unit, which is led by Cathy Bessant, a longtime Charlotte-based BofA executive.
"We review our global operations on an ongoing basis to make the best use of our resources, balance capacity across our sites and simplify our company for our customers and clients around the world," BofA spokesman Mark Pipitone says in a statement. He says the layoffs will take place over the next 12 months.
"Bank of America has a strong track record for helping employees transition to new positions outside our company. It was important to us that as soon as the decision was made, we inform our employees."
The decision, Pipitone says, has no impact to Bank of America Merrill Lynch, which serves commercial, corporate and institutional clients in Latin America.
Posted by Veronica Silva Cusi, news correspondent
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About Bank of America:
Former Bank of America NT&SA (and its parent, BankAmerica Corporation) (NYSE: BAC), founded and originally headquartered in San Francisco, California, is now headquartered in Charlotte, North Carolina, following the 1998 takeover by the North Carolina-based former NationsBank. The resulting merged bank is now known as Bank of America, NA (and its parent, Bank of America Corporation.) The 2008 takeover of Merrill Lynch completed the transformation of this bank comprehensively to being one of the largest banks in the United States.
Published: Friday, April 11, 2014