Bank of America has demonstrated time and again its disregard for communities and working families-most recently Chicago.

• In September, Bank of America won federal approval to grow even larger by buying LaSalle Bank in Chicago, a move that boosts Bank of America's share of national deposits perilously close to Federal Reserve's current cap that is designed to protect consumers from bank consolidation. With its acquisition of LaSalle, Bank of America now controls more than 15 percent of all deposits in Chicago.

From left: U.S. Rep. Luis Gutierrez, Illinois State Treasurer Alexi Giannoulias, and Woodstock Institute President Malcolm Bush at community hearing in Chicago.

Statement Regarding Federal Reserve Decision to Forgo Public Hearing and Unilaterally Approve Bank of America-LaSalle Merger in Chicago

• Charlotte-based Bank of America says it doesn't need a Chicago headquarters, and prior to the acquisition said it would slash LaSalle Bank's costs by 50 percent. According to a report by Anderson Economic Group, this will mean over 4,000 immediate layoffs, and ultimately cost the Chicago economy more than 10,500 jobs. Bank of America has already announced that it will eliminate 2500 Illinois jobs and 1500 jobs in Michigan. In general, past corporate mergers show that layoffs disproportionately affect women and people of color. In other mergers such as Bank of America's acquisition of Fleet Bank in Boston in 2004, elected leaders have forced Bank of America to alter its plans and preserve local jobs.
  

"The loss of a bank headquarters results in job loss, less civic interest and commitment, and less detailed knowledge of the local community." —The Woodstock Institute, The Cincinnati Post, April 12, 2004