Bank of America Corp. said it will complete its purchase of Countrywide Financial Corp by July 1 and then cut 7,500 jobs as part of the combination of the companies.

The Thursday announcement comes after Countrywide shareholders on Wednesday approved the transaction. Bank of America said the integration of both firms would last several months and take place throughout the U.S., resulting in substantial cost savings.

Bank of America offered to buy struggling Countrywide Financial in January in an all-stock deal initially worth $4 billion. Continuing difficulties in the mortgage industry and financial markets have lowered Bank of America's stock, lowering the value of the purchase to around $2.8 billion.

The cuts would be made over the next two years in areas were the companies have significant overlap such as staff support.

The company said it begin telling affected employees about the cuts in the third quarter. Some employees will be offered severance packages. The bank says it will work with government officials to help displaced workers receive job placement, training and other means to move on.