The planned merger of Fleet Financial Group and BankBoston Corp. sets the stage for a massive divestiture of deposits and a cost-cutting drive that may eliminate 5,000 jobs, more than 8% of the companies' total.

Fleet and BankBoston are projecting cost savings of $600 million by 2001 as they create Fleet Boston Corp.-a $180 billion-asset banking company with a virtual lock on the New England market.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.