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BoA Layoffs in AZ

200 Phoenix jobs cut

July 21, 2006

By COCO SALAZAR


photo of Coco Salazar

Hundreds of mortgage jobs in Arizona are in the process of being eliminated at Bank of America.

About 200 mortgage loan fulfillment employees at a Phoenix operations center recently received notices their duties would be consolidated in other existing facilities across the country by the end of August, BoA spokeswoman Julie Davis told MortgageDaily.com.

The bank has been notifying the Phoenix home loan workers since mid-May to give them sufficient time to find other jobs, Davis said, noting that about half have been accommodated to serve other growing business areas of the company and that the bank is optimistic that will also be the case for many of the remainder who are fulfilling the mortgage work through the transition period.

While none of the affected employees are being transferred into mortgage jobs, Davis said the elimination of the mortgage operations in the Phoenix office is not related to slowdown in the mortgage industry.

"It's simply a matter of making the best use of our facilities," she added. "We do have other facilities in country that are picking up the [mortgage] work" from the Phoenix location.

In April, BoA said it would eliminate close to 400 jobs in Ohio and Delaware this summer due to the transitioning of two centers of MBNA Home Finance.

The Charlotte, N.C.-based banking behemoth completed its acquisition of MBNA Corp., mostly made up of credit card employees, early this year and anticipated 6,000 layoffs would result.

Davis said the mortgage job cuts in Phoenix were not related to the merger.


Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.

e-mail: [email protected]



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