Business Services Industry
Shareholders Support Bank of America, FleetBoston Mega-Merger.
Knight Ridder/Tribune Business News, March, 2004
By Kenneth R. Gosselin, The Hartford Courant, Conn. Knight Ridder/Tribune Business News
Mar. 19--FleetBoston Financial Corp. is almost history.
On Wednesday, shareholders in both the parent of Connecticut's largest bank and its buyer, Bank of America, approved the $47 billion merger of the two financial services giants that would create the nation's third-largest bank.
The votes -- cast in meetings in Boston and Charlotte, N.C. -- came amid more speculation about how many jobs would be cut to help save $1.6 billion in expenses at the combined company by the end of next year.
The latest number -- up to 13,000 jobs -- represents about 7 percent of the two companies' combined work force.
Last week, analysts projected...
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