FleetBoston Cutting 1,900 Jobs
Jan. 16, 2003
BOSTON (AP) _ FleetBoston Financial Corp., the parent company of Fleet Bank, announced Thursday it was cutting 1,900 jobs, or about 4 percent of its work force.
About one-fourth of the companywide job cuts have already occurred, and the company noted it would take a $70 million charge for current and planned staff reductions.
The announcement came as Fleet swung to a fourth quarter profit, saying an increase in deposits and higher loan volumes helped it bounce back from a loss in the same period a year ago.
For the quarter ended Dec. 31, the company earned $261 million, or 24 cents a share, compared with a loss of $507 million, or 49 cents a share, in the fourth quarter of 2001. The year-earlier earnings had been depressed by write-downs related to the financial crisis in Argentina.
In afternoon trading, FleetBoston shares fell 2 cents to$27.35 on the New York Stock Exchange.
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