Bank of America to lay off 2,500 in Illinois

[TexasLawyer]

Source: AP

BofA to lay off 2,500 in Illinois

Spokesman says job cuts are part of planned $21B acquisition of
Chicago-based LaSalle Bank; layoffs to begin in first quarter of 2008.

September 25 2007: 8:44 AM EDT

CHICAGO (AP) -- Bank of America Corp. will lay off about 2,500 employees in Illinois during the next two years as part of its planned $21 billion purchase of Chicago's LaSalle Bank Corp., a spokesman said.

Employees found out Monday about the layoffs, which will begin in the first quarter of 2008, although bank locations and lines of business have not been identified, said Scott Silvestri, spokesman for Charlotte, N.C.-based Bank of America.

After the layoffs, Bank of America will have about 8,000 Illinois employees, he said. "These layoffs, while painful, are a necessary first step toward meeting our long-term goals," Silvestri said.

Bank of America earlier this month received approval from the Federal Reserve to complete its acquisition of LaSalle Bank. The decision was the final regulatory hurdle for the transaction, which is expected to close in early October


Read more: http://money.cnn.com/2007/09/25/news/companies/bc.apfn.bankofamerica.la.ap/index.htm?postversion=2007092508

[HughBeaumont]

1. PAINFUL FOR WHO??

Certainly not the guy running B of A, with his seven Bentleys and an estate in the Hamptons.

"Long term goals" my ASS. This is all so Bill Lumbergh's stock can go up a quarter of a point.

WHEN is America going to revolt against the betters already?

[TexasLawyer]

2. Meanwhile, lots of BofA jobs outsourced to India

http://spofga.org/immigration/2005/june/more_jobs_to_india.php

[Centered]

12. They can change their name...

to Bank of India

[LeftHander]

3. What was the CEO's retention bonus....

3-4 million, 12 million?

[HughBeaumont]

5. The wealthy and their needs . . . that's why this country is in the Porta-John.

It's all about them when it comes down to it. What can YOU do to make THE BETTERS happy? That's ALL that's mattered in this country since it was founded. We came here to find a better life and ended up with the same old one.

And would a revolt make things better? Eventually, a few with their greediness would rise through exploitation and force and things would be the same all over again.

Why will no one realize that when the middle class does well, the rich will do even better? Or is it that the betters just don't WANT that? I truly believe that they'll sacrifice the long term outlook of their companies and the economy to get theirs NOW. Because no matter if we have a collapse and then a depression . . . they're still rich.

[Gidney N Cloyd]

4. I am so SICK of bank mergers.

LaSalle was a Chicago icon and seemed to be very well run. A pretty good "corporate citizen" in the area from what I've heard, too.

[Double T]

6. WhyTF would the FED allow BOA to buy LaSalle Bank .............

monopolies and control of the US financial system are in far too few hands; this is not good for anyone except a few greedy investors.

[cosmicdot]

7. amongst BofA's Board of Directors

TOMMY R. FRANKS (61), Retired General, United States Army, Roosevelt, Oklahoma. General Franks has operated Franks & Associates, LLC, a private consulting firm, since 2003. He served in the United States Army from 1965 to 2003. In August 2003, he retired as a four star general. He has been a director of the Corporation since January 2006 and is a member of the Audit Committee. He also serves as a director of OSI Restaurant Partners, Inc.


for other Board members and their associations

http://www.sec.gov/Archives/edgar/data/70858/000119312507058027/ddef14a.htm#toc62370_17

"NSTAR" shows up in several bio sketches. The largest Massachusetts-based, investor-owned electric and gas utility.


2006 Executive Compensation

Total for Kenneth Lewis $27,873,348

http://www.sec.gov/Archives/edgar/data/70858/000119312507058027/ddef14a.htm#toc62370_21b

[depakid]

8. As abusive as that bank is

I'm surprised that they have any customers.

I can't even count all the horror stories that I've heard over the years.

[Systematic Chaos]

9. My wife and I experienced one of those horror stories a few years ago.

I know firsthand what a bunch of arbitrary, petty idiots they are. :grr:

[depakid]

10. With all of the other choices available it just amazes me

it's not as though they offer any advantages- other than the fact that there's a lot of them around.

[dogfacedboy]

11. Bank of America recently bought my mortgage from the original lender.

So far, no problems. Let's see how badly they fuck up LaSalle Bank, which has been a good intitution here in Chicago.