Jobs cuts at Bank of America to top 30,000 nationwide
5:50 PM Fri, Feb 20, 2009 | Permalink
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Troubled financial giant Bank of America moved forward today with plans to cut between 30,000 and 35,000 employees over the next three years, spokeswoman Anne Pace told The Providence Journal. The bank, which has received millions of dollars in tax breaks from the state, refused to disclose how many employees in Rhode Island are losing their jobs or its total work force in the state. The bank employed 4,000 Rhode Islanders as of last December, according to the state Economic Development Corporation. That made it the state's 10th largest employer, above the University of Rhode Island and Fidelity Investments. Bank of America first announced plans for deep personnel cuts on Dec. 11, the result of the acquisition of New York-based Merrill Lynch & Co. and general economic turmoil. "That process has generally begun," Pace said, "but we're not going to be able to provide any details on locations impacted." Bank of America, based in Charlotte, N.C., is the third-largest U.S. bank. In all, it has more than 300,000 employees. Last month, the bank notified officials in Lincoln that it planned to lay off 121 employees at its Investment Center and Premier Relationship Center, both at 670 George Washington Highway. The notice said the layoffs would be effective March 10. It is not clear if today's layoffs are part of that staff reduction. In March 2005, the state Economic Development Corporation approved $2 million in state sales tax breaks for the bank in return for investing $59.5 million in the state and creating 955 new jobs, Providence Journal reporter Bruce Landis has reported. The bank's recent struggles have led to speculation about its possible nationalization, which has sent the bank's stock tumbling. For more breaking business news, read the Projo Biz Blog. 
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BOA should be ashamed of the way they do business. Their rates on savings and IRA investments are disgusting. (They are the lowest out of the 5 banks I have inquired into.) The only thing they care about are the good ole boys who get the big bucks. No regard for customers or their lower level employees here.
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