BofA to Cut 7,500 Jobs After Countrywide Deal Closes

Bank of America Thursday said it expects to eliminate about 7,500 jobs over the next two years after it completes its acquisition of Countrywide Financial, the largest U.S. mortgage lender.

The job cuts amount to about 3 percent of the combined companies' reported work forces.

Bank of America , the second-largest U.S. bank, said most of the cuts will be in areas where the companies have significant overlap, such as staff support. It said it expects to begin notifying affected employees in the third quarter.

Bank of America, based in Charlotte, North Carolina, expects to complete its purchase of Calabasas, California-based Countrywide July 1. Regulators and Countrywide shareholders

have already approved the merger.