Fleet to Cut 1,000 Jobs in Former Bank of NE Units
Fleet/Norstar Financial Group will slash about 1,000 jobs at the former operations and technology units of the failed Bank of New England Corp. as part of a plan to meld the two companies' data processing arms.
Fleet also announced plans to shut Bank of New England data centers in Malden, Mass., and Portland, Maine, and consolidate operations in the existing Fleet/Norstar data center in Albany, N.Y., by the end of 1992.
After the conversion is completed, Fleet will use the Malden site for deposit and check-processing activities in Maine, New Hampshire, and Massachusetts, the company said.
Fleet declined to give the precise number of job cuts because final details of the consolidation are still being worked out.
The consolidation announcement marked the first round of cuts following the merger of Bank of New England into Fleet.
Fleet's purchase of the Boston-based company from the Federal Deposit Insurance Corp. was announced in late April. Fleet is expected to eliminate 3,000 to 4,000 jobs at Bank of New England over the next 18 months, according to analysts.
Final terms of the acquisition are expected to be completed in July.