Bank Acquisition's Affect On Jobs

CHICAGO (AP) -- A new study predicts more than ten-thousand-500 Chicago jobs could be lost if Bank of America follows through on a pledge to cut costs by 50 percent at LaSalle Bank.

The report by Anderson Economic Group is based on its forecast loss of four-thousand LaSalle Bank headquarters jobs. It says more than six-thousand other local jobs likely would be lost from other companies over two years due to a spillover effect.

The report released yesterday (Wednesday) also says more than $780 million would be drained from the city's economy under that scenario.

Bank of America is the nation's second-largest bank by assets. It's in the process of purchasing LaSalle Bank from ABN Amro Holding Company in a $21 billion deal.

The Federal Trade Commission says antitrust regulators have cleared the acquisition.


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