Bank Of America ( BAC ) were higher Tuesday morning after the banking giant Monday said it is cutting 12,500 jobs, or 6.6% of its workforce, following the recent completion of its acquisition of FleetBoston. The Charlotte, N.C.-based bank said the layoffs "will be primarily in overlapping processes and corporate staff functions" and will occur over the next two years. About 30% will come through attrition. Bank of America employs about 180,000 people. The bank did not say how many of the job cuts applied to positions at FleetBoston operations, but said: "As part of its merger agreement, the company is committed to maintaining overall employment levels in New England. In the near-term employment levels in the region will drop, but this will be mitigated through new job creation. " Earlier this year, the two banks agreed to merge in a deal valued at the time at about $47 billion, creating the nation's third largest banking company. Shares rose 50 cents, or 0.6%, to $81.75 in premarket trading.