News Column

BofA Lays Off Hundreds in Ohio

August 30, 2013
bank of america

Bank of America Corp., which has already been aggressively cutting jobs across the country, is eliminating hundreds more. Production employees in Ohio handling government refinances are impacted this time around.

The Charlotte, N.C.-based firm recently disclosed 543 Fresno, Calif., layoffs; 469 Newark N.J. terminations; 113 Addison, Texas, job cuts; and 411 North Texas layoffs.

In addition, BofA recently notified 209 Upper St. Clair, Pa., employees that they would be let go, while 53 Central Florida employees were recently given pink slips.

The latest casualties involve several mortgage operations centers, including a mortgage fulfillment center in Beachwood, Ohio, that handles Home Affordable Refinance Program production, an impacted employee told Mortgage Daily.

Around 700 employees are impacted by the latest round of job cuts, according to the employee.

The source indicated that the layoffs will occur by Oct. 31.

No Workers Adjustment Retraining Notification filing was available yet from the Ohio Department of Job and Family Services.

A written statement from BofA said that the layoffs reflect ongoing efforts to streamline facilities and align the company's cost structure with current market conditions -- including declining refinance originations resulting from rising interest rates.

"Bank of America has a strong track record for helping our employees identify opportunities both inside and outside of the bank and we are working closely with leaders in the community to support a smooth transition," the statement said. "We remain committed to Ohio and continue to refine our business model to account for changes in the marketplace to both preserve our presence and plan for the future."

A spokeswoman didn't confirm the number of layoffs, but published reports indicate that a total of around 1,200 Ohio employees were given notice today -- including 100 people in Cincinnati, 55 in Independence and 45 in another location.

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