Bank of America to lay off 7,500 after Countrywide deal closes
Posted on Thursday, June 26th, 2008 | In Current Market News, Economics
Contributed by: Mike Larson (http://blogs.moneyandmarkets.com/blog/interest-rate-roundup) -
Some breaking news out of Bank of America: The company plans to get rid of 7,500 employees after it consummates its deal to buy Countrywide Financial. That’s expected to happen July 1 now that Countrywide shareholders have voted in favor of the deal. Personally, I think this is one of the worst deals in the history of modern banking — right up there with Wachovia buying Golden West Financial or First Union buying The Money Store (and merging with CoreStates, for that matter). But so be it.
Last 5 posts by Mike Larson
- Tightening Begins Overseas; Here? Not So Much … - October 9th, 2009
- Sayonara Treasury Bubble! - May 1st, 2009
- Straight talk on the Obama mortgage plan - February 20th, 2009
- Construction spending down, but not out ... yet - January 5th, 2009
- Early results show dismal holiday retail sales - December 26th, 2008
![]() About Mike Larson (http://blogs.moneyandmarkets.com/blog/interest-rate-roundup)
Mike Larson joined the company in 2001, and has more than 10 years of experience researching and writing about personal finance, investing, and the housing and mortgage industry. In 2003, Mr. Larson was named associate editor of the company’s monthly Safe Money Report. In this role, he is responsible for writing and editing as well as analyzing trading opportunities for clients. Mr. Larson is also a regular contributor to the company’s daily e-letter, Money and Markets and editor of three of its premium trading services. Before joining Weiss Research, Mr. Larson was a personal finance reporter for Bankrate.com, where he wrote extensively on mortgage lending, banking, residential real estate, and Federal Reserve Board policy. His responsibilities included analyzing economic data and interest rate trends for a weekly column and developing rate forecasts for a regular index feature. Previously, Mr. Larson held positions at Bloomberg News and the Boston Herald. Recognized as an interest rate and mortgage market expert, Mr. Larson’s views have been quoted in numerous publications nationwide, including the Washington Post, Chicago Tribune, Dow Jones Newswires, Associated Press, Reuters, CNNMoney.com, Sun-Sentinel, Tampa Tribune and the Palm Beach Post. His in-depth analysis of the housing and mortgage market and accurate forecast of the subprime crisis has lead to frequent appearances on CNBC, CNN, Fox Business News, and Bloomberg Television, as well as many nationally syndicated radio shows. Mr. Larson’s understanding of the U.S. real estate market has also been recognized overseas, having recently been featured in a documentary on the subject produced by a Barcelona-based television station. In addition, his writing has been acknowledged by both the National Association of Real Estate Editors and the Massachusetts Press Association. Among the first analysts to call the housing slide, Mr. Larson’s policy paper, “How Federal Regulators, Lenders and Wall Street Created America’s Housing Crisis: Nine Proposals for a Long-Term Recovery,” received broad media coverage following its July 2007 submission to the Federal Reserve and FDIC. In the paper, Mr. Larson accurately predicted the long-term impact of the deepening subprime mortgage crisis on the broader economy that the nation faces today. Mr. Larson holds B.A. and B.S. degrees from Boston University. |



