Merger Causes Massive Layoffs
The Chicago Daily Herald reports that a merger of Bank of America and LaSalle Bank will cause 2, 500 layoffs in Chicago and 1,500 in Michigan. North Carolina’s Bank of America is expected to complete its $21 billion purchase of LaSalle, the second largest bank in the Chicago area.
Scott Silvestri, spokesman for Bank of America, said the layoffs of redundant workers will begin in the first quarter of 2008. Last month, the consulting firm Anderson Economic Group estimated as many as 10,500 people in the Chicago area could be laid off. The Group predicted the economic impact on the area could reach $780 million by 2009.
Monday’s announcement may have come as a relief to thousands of LaSalle Bank employees. Now they just have worry about which employees should actually be relieved.