Bank of America Corp. plans to complete the purchase of Countrywide Financial Corp. on July 1, subject to customary closing conditions. Countrywide shareholders' decision to approve the transaction Wednesday marks the last significant approval necessary for the purchase to move forward, the company notes.
During the next several months, work will be under way to integrate the two companies. Based on current estimates, Bank of America anticipates about 7,500 positions will be eliminated as part of combining the two companies. The reductions will take place throughout the country. Final decisions on all specific associate groups and locations have not been made.
The reductions are expected to take place over the next two years, and the company will begin notifying impacted associates in the third quarter.
Source: Bank Of America