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BankAmerica Cuts 300 Jobs

December 4, 1998

CHARLOTTE, N.C. (AP) _ BankAmerica has dismissed 300 workers from its brokerage units in the first large-scale layoff since the NationsBank-BankAmerica merger closed in September. Yesterday’s dismissal of stockbrokers and support staff employees were attributed by a BankAmerica Corp. spokeswoman to recent turmoil on world stock markets efforts to eliminate overlapping jobs left from the merger.

As of June, 1,070 brokers worked at the company’s two brokerage units, said spokeswoman Ann Anderson. The number of additional support staff was not available. Brokerage jobs are being eliminated from San Francisco _ the old location of BankAmerica headquarters _ to Charlotte, where the new BankAmerica is now based.

NationsBank and BankAmerica said they intended to cut 5,000 to 8,000 positions when they announced their merger pact in April. Turnover may take care of many of the job cuts, officials have said. The combined company has about 180,000 workers.

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