Countrywide workers fear Bank of America Corp will cut severance on 100 Mortgages

Many workers at Countrywide Financial Corp now face the worry that new owners Bank of America Corp will force them in to an awkward position with their severance benefits; this means that many could end up losing their severance benefits.

The company have the Countrywide Change of Control Severance Plan posted on their internal website; the New York Post says that the BofA has the power if they want to pay severance benefits to a Countrywide worker who turns down a new position.

This is even if the new position contains significant changes in compensation or job location. BofA have said that they would consider paying severance if the employee has to relocate or takes a 20 percent cut in their compensation.

According to Reuters, the company has also stated that they would pay severance for lower-level employees, only if the job comes with a 10 percent cut in pay.

Bank of America Corp, took over Countrywide on July 1, they have since announced that they are to cut at least 7,500 jobs over the next two years, this amounts to 3 percent of their workforce.

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