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BoA, Countrywide Merger to Result in Massive Layoffs

7,500 layoffs planned over next two years

June 26, 2008

By MortgageDaily.com staff

Bank of America Corp.'s acquisition of Countrywide Financial Corp. will result in more than 7,000 layoffs. But even after the reduction, the combined company will employ more than 250,000 people.

BoA announced today that the merger, which was approved by Countrywide shareholders yesterday, will result in the elimination of an estimated 7,500 positions -- though changing market conditions could impact that number.

With all major hurdles now overcome, the deal is expected to be consummated on Tuesday, July 1. The layoffs will occur during the next two years.

"During the next several months, work will be under way to integrate the two companies," the statement said. "As previously announced, the company expects substantial cost savings."

The job cuts will occur across all regions, the Charlotte, N.C.-based bank said. The specific associate groups and locations impacted by the layoffs have not yet been determined, but most of the reductions will occur where the two companies have significant overlap, such as staff support.

Impacted employees will begin receiving notices starting in the third quarter, which begins the day the deal is expected to close. They will offered severance packages, if eligible.

"Bank of America will work with state and local officials to support job placement, training and other means to assist in the transition process," the press release stated.

Countrywide employed 50,549 as of March 31, 2008, according to its first quarter earnings report. BoA reported its headcount at 209,096 as of March 31.

Recent BoA mortgage layoffs have been limited, with 105 positions cut when it exited its correspondent mortgage unit in January, 700 layoffs from its exit from wholesale lending in December and 600 job losses last summer.

Countrywide, on the other hand, laid off 48 people at its headquarters in April; let go of 73 people in Canoga Park, Calif., during February; and warned in September that it planned to eliminate 12,000 jobs.

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