Area to See Little Impact of BankAmerica Job Cuts
Kopecki, Dawn, The Washington Times (Washington, DC)
BankAmerica Corp.'s plan to slash about 18,000 jobs should have little effect on Washington-area employees, analysts said.
BankAmerica Chairman and Chief Executive Officer Hugh McColl told the San Francisco Chronicle that the cutbacks, which would affect some 10 percent of the company's work force, would come through layoffs and attrition over the next three to five years.
Analysts said they expect the bank won't make many cuts at its vast network of 4,870 branches, including 181 in this region.
"A lot of [the cuts] will come from the corporate overhead and back-office operations like public relations [and] finance. You don't need more than one treasury," said Hal Schroeder, a senior equity analyst for Keefe, Bruyette & Woods Inc. in New York.
As for Washington-area branches, "I would expect to see minimal change," he said.
BankAmerica spokeswoman Julie Horn wouldn't speculate whether the cuts will hit this region.
"It's way too soon to tell how that's going to affect greater Washington," she said, "[but] the mid-Atlantic is one of our strongest performing areas."
Jeff Runnfeldt, a banking analyst for San Francisco brokerage firm Van Kasper & Co. …