News Column

Bank of America will layoff 103 workers in Henrico

January 24, 2014

By Carol Hazard, Richmond Times-Dispatch, Va.

Jan. 25 -- Bank of America Corp. is laying off 103 workers at its campus off Villa Park Drive in northern Henrico County . Employees whose jobs are being cut were informed Thursday, a bank spokeswoman said Friday. Affected employees work in mortgage operations, a business line that has declined as Bank of America and other banks deal with fewer delinquent loans and fewer mortgage refinancings. "We had to retool, take a look at the work force and adjust accordingly," bank spokeswoman Jumana Bauwens said. Fifteen more jobs will be cut in Norfolk . The cuts mark the second round of layoffs for Bank of America at Villa Park in less than six months. It cut 40 positions there last year. In addition to people losing jobs, 540 people at the Villa Park site will transfer from the mortgage area to the banking side of credit and consumer deposits, Bauwens said. "They have the expertise and skill sets that allowed for the transfer," she said. "That unit will be turned into a call center, a customer service contact center for credit and deposits." The transition to the new role will begin in February, she said. For the 103 people being laid off, the bank is working to identify other opportunities inside and outside the bank, Bauwens said. Banks have been trimming staff in mortgage operations for the past year. Wells Fargo & Co. , for example, cut 2,323 mortgage positions last fall, including 15 in Virginia Beach . At Bank of America , the number of delinquent loans has fallen to less than one third of the peak levels, Bauwens said. "As we continue to resolve the needs of customers with delinquent loans, we are reducing the size of the operations that support these specialized programs," the Charlotte, N.C. -based bank said in a statement. "Additionally, in line with the industry, we are realigning our cost structure in response to lower customer demand for mortgage refinancing." The bank employs about 1,700 people at its Villa Park site. ___ (c)2014 the Richmond Times-Dispatch (Richmond, Va.) Visit the Richmond Times-Dispatch (Richmond, Va.) at Distributed by MCT Information Services

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Source: Richmond Times-Dispatch (VA)

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