BofA(Bank of America) to cut 7,500 jobs after Countrywide deal

Source: MSNBC

CHARLOTTE, N.C. - Bank of America says it will cut about 7,500 jobs after it closes its acquisition of Countrywide Financial.

The Charlotte, N.C., bank says the cuts will occur over the next two years in locations across the country “in instances where the two companies have significant overlap.”

Bank of America expects to close the deal July 1, having received clearance from Countrywide shareholders on Wednesday.

Read more: http://www.msnbc.msn.com/id/25396543/

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More jobs gone that won't be coming back.

Countrywide hired A LOT of people to process all those crap loans that should never have been. The construction industry hired A LOT of workers to build houses for buyers that should never have qualified. Real Estate brokers hired A LOT of agents to keep up with sales for buyers that should never have qualified. Even all those local utility companies likely hired people to process service and payments on houses for buyers that should never have been.

There will have to be MORE layoffs, all over the place - in places one never thinks about when the banking system hits the fan. The domino effect has not even hardly begun yet. I honestly think within 5 years we are looking at 25% unemployment minimum.

They are one of my employer's largest customers.