Bank of America is reducing the number of firms it contracts with for mutual fund back-office, and PFPC will be cutting 80 jobs as a result, reports the Charlotte Observer.

Bank of America will no longer use PFPC and two other firms in an effort to consolidate back-office functions in Boston. Offices in that city will gain 100 positions at State Street Corp. and DST Systems.

Last year, following its merger with FleetBoston Financial Corp., Bank of America announced that it would base its wealth and investment management business, including the fund unit, in Boston.

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