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Countrywide to Complete 7,500 Job Additions

BoA intends to fulfill December 2004 commitment

August 7, 2008

By MortgageDaily.com staff

Bank of America Corp. intends to honor a 2004 commitment by Countrywide Financial Corp. to add 7,500 Texas jobs.

In December 2004, former Countrywide Chairman and Chief Executive Officer Angelo Mozilo held a press conference with Texas Governor Rick Perry and other government officials where they announced the lender committed to create 7,500 jobs in the state by 2011.

At the time, Perry noted the state would invest $20 million from the Texas Enterprise Fund to help Countrywide bring in the jobs.

The first round of hirings was in a Richardson facility, where 2,500 job additions were planned. Another 1,500 jobs were slated for Plano in 2006.

As recently as November 2007, Mozilo reaffirmed the commitment to the Texas job additions despite plans announced two months earlier to layoff as many as 12,000 people nationally.

As of yesterday, BoA said it plans on completing the Texas hirings.

"Bank of America has adopted the agreement originally made between Countrywide and the Texas Enterprise Fund," spokesman Dan B. Frahm said in a statement to MortgageDaily.com. "We are committed to meeting the terms of that agreement."

He noted that specific business units may see fluctuations in employment levels based on market conditions and opportunities, but, "we are confident that our total employment in Texas will continue to grow and satisfy the existing agreement with the Texas Enterprise Fund."

Countrywide reported headcount of 49,979 as of June 30, while BoA said it employed 206,587 people.

Bank of America / Countrywide
Employment Activity

Date Reported
# Hires/(Layoffs)
June 26, 2008 both
May 7, 2008 Countrywide Calabasas, Calif. (48)
Feb. 27, 2008 Countrywide Canoga Park, Calif. (73)
Nov. 28, 2007 BoA Dallas +150
Nov. 28, 2007 BoA Florence, S.C. (105)
Oct. 25, 2007 BoA national (700)
Sept. 7, 2007 Countrywide national (12,000)
Sept. 6, 2007 Countrywide national (900)
Aug. 21, 2007 Countrywide national (400)
Aug. 17, 2007 Countrywide Jericho, N.Y., and Denver (110)
Aug. 17, 2007 Countrywide national +200
summer 2007 BoA Phoenix (200)
summer 2007 BoA Ohio and Delaware (400)
May 16, 2007 Countrywide national +2,000
May 14, 2007 Countrywide West Hills, Calif. (59)
May 14, 2007 Countrywide Anaheim, Calif. (59)
March 14, 2007 Countrywide national (108)
Oct. 25, 2006 Countrywide
Sept. 22, 2006 Countrywide national unknown layoffs
Aug. 23, 2006 Countrywide Chandler, Ariz. +2,000
July 21, 2006 BoA Phoenix (200)
April 12, 2006 BoA Newark, Del., and Beachwood, Ohio (362)
Feb. 2, 2006 Countrywide Fort Worth, Texas +1,500
Dec. 2, 2005 Countrywide Westlake Village, Calif., and Sunrise, Fla. (300)
Oct. 20, 2005 Countrywide Plano, Texas +1,500
Aug. 19, 2005 Countrywide California (65)
July 12, 2005 Countrywide Chandler, Ariz. +3,000
Feb. 14, 2005 BoA Louisville, Ky., and Charlotte, N.C. (155)
Dec. 21, 2004 BoA Louisville, Ky. -200
Dec. 15, 2004 Countrywide Texas +7,500
Nov. 16, 2004 BoA Wichita, Kan. (230)
July 30, 2004 Countrywide national +1,000
June 6, 2004 BoA national (500)

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