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Bank of America buys Countrywide

by Staff Reporter7 minute read
The Adviser

Embattled US home lender Countrywide Financial Corp has been purchased by Bank of America (BoA) for an estimated 37 per cent less than agreed to in January.

BoA, the States’ second largest bank, will pay an estimated $US2.5 billion (A$2.6 billion) for the lender – making BoA the largest home lender in the US.

BoA has announced that it will axe 7,500 jobs immediately as the two organisations combine, which will bring the total staff number to 259,000.

Published: 02-07-08

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