News Column

Bank of America cuts 46 mortgage jobs in Pittsburgh

June 12, 2014

By Chris Fleisher, The Pittsburgh Tribune-Review



June 12--Bank of America is laying off 46 people in its mortgage banking business at the Allegheny Center on the North Side.

Employees were notified last month and the job cuts will occur on July 7, said bank spokeswoman Jumana Bauwens. She could not confirm how many employees worked in that location and what functions were affected, but said the job cuts came in response to declining demands on its mortgage business.

"The number of delinquent mortgage loans we service has decreased to one-fourth their peak levels. As we continue to resolve the needs of these customers and experience lower customer demand for mortgage refinancing, we are reducing the size of the operations that support these specialized programs," Bauwens said in an email.

Workers affected by the changes were being encouraged to apply for other open positions at locations around the state. There are currently 75 open positions, she said. Bank of America has more than 3,500 employees in Pennsylvania.

Banks have been pruning their mortgage staffs because of a decline in business as rising rates crimp refinancings and loan originations. Bank of America, the nation's second-largest bank has slashed thousands of mortgage jobs in recent months, including 209 at its mortgage call center in Upper St. Clair, which closed last September. PNC Financial Services Group also has cut mortgage jobs because of a slowdown in business,

Chris Fleisher is a staff writer for Trib Total Media. He can be reached at 412-320-7854 or cfleisher@tribweb.com.

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Source: Pittsburgh Tribune-Review (PA)