October 27, 2003 9:42 AM

Fleet Boston sold to Bank of America for $47 billion
Posted by Douglas Eisenhartat 9:42 AM

Following closely on the heels of the sale of John Hancock to a large Canadian firm, the region's leading and last remaining major New England-based commercial bank, FleetBoston, is being sold to Bank of America for a whopping $47 billion. The official announcment is expected this morning in New York. While regional HQ and control for the bank may be gone, there are a couple of positive notes in the announcement from an employment perspective:

Details were sketchy last night. But the banks are expected to announce in New York City this morning that Fleet chief executive Chad Gifford will remain as chairman of the combined company, while Bank of America's Kenneth D. Lewis will retain his position as chief executive. Bank of America will replace the Fleet name in the Northeast. In a critical element for Gifford, Bank of America agreed to keep employment in New England at current levels.

Bank of America has no current retail banking operations in the New England region, an important sign of hope for employees seeking not to be eliminated through combined operations.

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