Tuesday, July 12, 2011

Bank of America To Close Printing Plant in Malden, Mass., at Lay Off 150

Bank of America Corporation will shut down a printing operation in Malden, Mass., and eliminate 150 jobs starting in August. It will also cut 117 jobs in Hartford and East Hartford, Conn., between Aug. 11 and Dec. 1, 2011.

The bank's Malden plant handles high-speed printing jobs for customer mailings and inserts.  The Company said that more customers now use online statements and information.  A Forrester Research study found that nearly one-quarter of US bank customers relied exclusively on electronic statements.

Bank of America Corporation is a bank holding company, and a financial holding company.  Bank of America is a financial institution, serving individual consumers, small and middle market businesses, corporations and governments with a range of banking, investing, asset management and other financial and risk management products and services.

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The Plant Prospector is a weekly e-mail service that identifies national, regional, and local plants and businesses in transition through layoffs, closings, and work force reductions. A reduction in the number of employees is an indication of a current or imminent change in the operations of an enterprise and is invaluable in identifying companies including private firms, small public companies, and subsidiaries of major corporations that are in flux. Plant Prospector is an ideal prospecting tool for firms that provide services to businesses in transition, such as temporary employment agencies and outplacement firms, and for companies whose business may be affected by change, such as suppliers, professional firms, and insurance companies.

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