WASHINGTON – Federal regulators gave antitrust clearance Thursday to the proposed merger between Bank of America Corp. and FleetBoston Financial Corporation.

After a review, the Federal Trade Commission and the Justice Department both signed off on the deal, which was initially valued at $47 billion when announced on Oct. 27.

The merger has already been approved by both boards of directors, but the companies still needs the blessing of the Federal Reserve.

Bank of America’s planned purchase of FleetBoston would create the nation’s second-biggest banking company. Bank of America, currently No. 3, would have about 33 million customers and 2.5 million business clients in 35 countries. The deal would also bring Bank of America into New England and eliminate the Fleet name.

Executives from both companies have said they expect the number of jobs in the Boston area to remain about the same, though FleetBoston has acknowledged there would be some layoffs.

Bank of America expects the merger to save $1.1 billion.