Bank of America Corp. said Thursday that it will cut about 7,500 jobs after buying Countrywide Financial Corp.

The reduction will take place over the next two years. The cut is about 3 percent of the combined staff and will primarily be jobs that overlap “throughout the country,” the bank said. It was not specific as to how many jobs may be cut in the Calabasas headquarters of Countrywide.

The announcement also quells speculation that the Charlotte-based bank plans to back out of the deal because Countrywide has lost money since the merger was announced in January. The value of the bank’s all-stock bid for Countrywide has fallen to $2.67 billion. The purchase is expected to be completed July 1, BofA said.

Shares in Countrywide closed down 3.5 percent to $4.42 Thursday.