AUSTIN, Texas (AP) _ Bank of America is explaining its cancellation of a jobs contract that a recent acquisition had with the state.
It says it killed Countrywide Home Loans’ deal because a severe mortgage business decline prevented Countrywide from adding 7,500 jobs promised to Texas.
The Charlotte, N.C.-based company said Wednesday the complexities of its merger with Countrywide also factored in the contract cancellation as of Dec. 31. Countrywide had a $20 million deal to create 7,500 new jobs by the end of 2010 and maintain them for a year.
Bank of America spokesman Rick Simon says the bank’s keeping a large presence in Texas, with almost 23,000 employees.
Meanwhile, Gov. Rick Perry said Wednesday the Texas Enterprise Fund has been highly successful in bringing jobs to the state and has adequate safeguards and oversight.