P.M. BRIEFING : New England Bank Cutting Jobs
Bank of New England Corp. said today that it is cutting 5,600 jobs, a third of its employees, by year-end as part of a strategic plan to stabilize the ailing bank.
About 1,700 employees will be told over the next couple of days that they are no longer needed, and the remaining jobs will be cut through attrition, consolidations or through continued planned asset sales, the bank said.
Job cuts, asset sales and other measures will cut annual operating expenses by about $300 million when fully implemented, the bank said.
Bank of New England, based in Boston, has been hit hard by problem real estate loans as house prices have fallen in the region.
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