Bank of American Merger
Jobs Will be Back to Premerger Status
BOSTON (AP) -- A Bank of America official says layoffs related to the FleetBoston merger have ended and the bank expects to be back to pre-merger employment levels by the middle of 2006. Anne Finucane is president of Bank of America's Northeast division. She made the comments during a hearing today at the Federal Reserve Bank in Boston. Finucane also said the financial commitment of the merged bank to neighborhood redevelopment would far exceed what Fleet could have done on its own.
Community groups have been pressing Bank of America for more specifics on how that money will be spent. The hearing was called by Massachusetts Congressman Barney Frank, the ranking Democrat on the House Financial Services Committee. Frank was a critic of the 48 billion dollar mega-merger, but now says he is confident that Bank of America "means what it says" about restoring jobs and investing in the community.
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