Bank of America and Countrywide

Bank of America plans to complete the purchase of Countrywide on July 1st 2008. Today they announced that they plan to cut about 7,500 jobs after it closes its acquisition of mortgage lender Countrywide Financial Corp. This is over 12% of their work force. With losses at Countrywide totaling over 2 billion dollars in the past 12 months you have to wonder what Bank of America was thinking.

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