BofA to Close Some S. American Branches

Bank of America Corp. plans to eliminate jobs and exit businesses in three Latin American countries as the biggest U.S. bank by deposits focuses on Mexico and Brazil, the two largest economies in the region.

The Charlotte, N.C.-based bank probably will close branches in Chile, Colombia and Venezuela, opting for representative offices with small staffs instead, a spokesman said. He declined to estimate how many people will lose their jobs in the cutbacks, which should be completed within 60 days.

Bank of America employed 620 people in Latin America at the latest count.