Company cutting 4,500 jobs in reorganization

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Thursday, Oct. 7, 2004 | 9:13 a.m.

Bank of America Corp., the third-biggest U.S. bank, said it will cut 4,500 jobs in addition to the 12,500 positions it will eliminate as part of its FleetBoston Financial Corp. purchase.

"These cuts are aimed at reducing expenses so we have investment dollars to put back into our businesses," said Alexandra Trower, a Bank of America spokeswoman. "This does not impact the commitment to the employment levels in New England."

Bank of America said it anticipates severance costs of $150 million from the new job reductions, which amount to 2.5 percent of its workforce of 178,000. Trower said the bank is six months into the process of eliminating duplicate positions and declined to say how many have been eliminated so far.

Bank of America completed the $48 billion purchase of Boston-based FleetBoston in April.