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BRIEFLY / INTERNET BANKING

Exult to Handle Personnel for BofA

November 22, 2000|Times Wire Services

Bank of America Corp., the parent company of the biggest U.S. bank, said it agreed to turn over some personnel functions to Web-based human resources provider Exult Inc. in a 10-year, $1.1-billion deal that could reduce the banking company's costs by more than 10% a year. The companies said the contract would give Irvine-based Exult more than $100 million a year in revenue. Under the terms of the pact, Exult will take over various human resources services for the Charlotte, N.C., company, including payroll and benefits administration. Exult said it expects to offer jobs to more than 600 Bank of America employees. In June, Exult went public with an offering that raised $60 million, less than half what it planned. Exult stock fell 38 cents to $10.38 on Nasdaq, and Bank of America's stock rose 31 cents to $39.63 on the NYSE.

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