And with the deal's approval Wednesday, that time is coming soon as Bank of America said Thursday that when the deal is complete, which should be July 1, it expects to cut 7,500 jobs or 3% of the total combined work force. The reductions would come from departments such as staff support.
However, one high-level staffer who won't be returning July 1 to the merged company is Countrywide founder Angelo Mozilo. The former CEO will be spending his retirement living off his reported $110 milion severance package. - Gerald Magpily
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When Bank of America Corp. made an offer for Countrywide Financial Corp., the largest mortgage company in the U.S., it was only a matter of time before the ax would fall on personnel.
