Bank of Boston Corp. said Friday it plans to shut 15% of its BankBoston and BayBank offices in Massachusetts by midyear as part of a previously announced plan to cut costs.
The closing of 65 branches will dislocate 400 employees, but they may be able to move to other positions, the $62.3 billion-asset banking company said.
When BankBoston completed its acquisition of BayBanks Inc. in July 1996, it announced a plan to save $230 million through consolidating branches in Massachusetts, and reducing 2,000 posts through early retirement and attrition.
"Our strategy has worked, much to the benefit of our customers, shareholders and employees," said Thomas Hollister, executive vice president of consumer and small business banking, in a prepared statement.
Mr. Hollister said cost savings with a "minimum of employee disruption" had been an important factor in management's decision.