CHARLOTTE, N.C. (AP) — Bank of America says it will cut about 7,500 jobs after it closes its acquisition of Countrywide Financial.

The Charlotte-based bank says the cuts will occur over the next two years in locations across the country “in instances where the two companies have significant overlap.”

Bank of America expects to close the deal July 1, having received clearance from Countrywide shareholders on Wednesday.

Countrywide had been the nation’s largest mortgage originator before a spike in bad loans ravished its business.