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CHARLOTTE, N.C. – In a move that officials say is expected to save Bank of America Corp. $650 million, the company announced yesterday it will cut 12,500 jobs over the next two years with the first round of layoffs occurring this month. The news comes on the heels of Bank of America’s recent completed merger with FleetBoston Financial Corp., making the Charlotte, N.C.-based bank the third largest bank in the nation with $966 billion in assets and 5,700 branches. Bank of America Spokeswoman Eloise Hale said affected employees will be notified this month but did not specify in what cities positions would be eliminated. Bank of America has 180,000 employees.

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