Bank of Boston to Cut 1,500 Jobs, Sees Loss
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BOSTON — Signaling further problems in the banking business, Bank of Boston Corp. said Thursday that it will eliminate 1,500 jobs, report a loss of up to $250 million for the third quarter and slash its dividend.
The owner of the First National Bank of Boston, the largest bank in New England and the nation’s 15th-biggest, also said it will take cost-cutting steps aimed at saving $100 million by 1991’s third quarter.
Like many of its rivals, Bank of Boston attributed its woes to the deteriorating real estate market and the ailing economy.
“We are taking decisive and admittedly painful actions,” Bank of Boston Chairman and Chief Executive Ira Stepanian said. “Yet, in doing so, we are building upon an already strong foundation.”
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