BOA Gets Approval To Buy LaSalle Bank
LaSalle spokesman Robert Darmanin declined to say how many of the 300 job cuts in the state have been in
Darmanin said the job cuts are completely unrelated to the $21 million sale of Chicago-based LaSalle to Charlotte, N.C.-based Bank of America. The Dutch Supreme Court ruled on Friday that ABN Amro's sale of LaSalle to Bank of America was lawful. The sale is part of a $91 billion merger agreement between ABN Amro and London-based Barclay's Bank. However, the job cuts at LaSalle have been ongoing since the end of 2006, and the Bank of America bid came after the work-force reductions were well underway, Darmanin noted. He said the vast majority of cuts were recently completed. No branches were closed in the process.
"This was an initiative we announced and made very public back in December," Darmanin noted. "The staff reductions have touched all lines of business, and the layoffs have been stretched over a six-and-a-half month period. "We have a responsibility to serve our markets as efficiently and effectively as possible, regardless of the sale of ABN Amro to Barclay's."
Might more job cuts be ahead when Bank of America does absorb LaSalle? That question was posed to Dan Terpsma, president of LaSalle's
Terpsma said that, typically, when Bank of America acquires another bank, it reduces the size of the acquired bank to the point where the acquisition can be made accretive to earnings. Though it's too early to tell how many jobs might be lost, Terpsma said there will naturally have to be some cuts. Those cuts customarily come in "backroom" — non-customer contact — operations, he explained.
"Those reductions would typically come in our computer areas and our operational areas, all of which are based in