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BoA Lays Off Illinois Employees

Part of 7,500 planned layoffs

August 15, 2008

By MortgageDaily.com staff

Bank of America Corp. has begun the painful process of eliminating 7,500 jobs in connection with its recent acquisition of Countrywide Financial Corp. The first round involved Illinois employees.

The Charlotte, N.C.-based banking giant acquired Countrywide on July 1.

Just prior to closing on the deal, BoA warned that the merger would result in the elimination of an estimated 7,500 positions -- though changing market conditions could impact that number.

The job cuts were slated for all regions, with most of the reductions occurring where the two companies have significant overlap, such as staff support.

Some of the first layoffs will occur in Rolling Meadows on Sept. 9, according to a Worker Adjustment and Retraining Notification filed with the State of Illinois on July 28. Around 78 employees are impacted.

A BoA spokeswoman confirmed in a statement to MortgageDaily.com that the Rolling Hills layoffs are part of the 7,500 layoffs previously announced.

Additional WARN filings indicated BoA eliminated 1,361 positions in Chicago; 162 positions in Jersey City, N.J.; and 77 jobs in Hunt Valley, Md. But the spokeswoman confirmed none of these layoffs were mortgage related.

Despite the massive layoffs planned, BoA told MortgageDaily.com last week that it still plans to honor a 2004 commitment by Countrywide to add 7,500 Texas jobs. At least 4,000 of those jobs were expected to be added by 2006.

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


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

Countrywide No More
Under a cloud of litigation, Bank of America Corp. has closed on its acquisition of Countrywide Financial Corp. The merger creates a company that is the biggest U.S. bank and largest residential mortgage lender.

BoA, Countrywide Merger to Result in Massive Layoffs
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.

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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