Dozens of positions in Bank of America Corp.’s mortgage servicing business will be eliminated thanks to a decline in distressed loans.
Employees in the financial institution’s legacy asset servicing division were advised this week that their jobs are being eliminated.
The move is being made as a result of a reduction in the number of troubled residential loans at BofA that require
special attention.
“We’ve made significant progress in assisting mortgage customers, having helped more than two million homeowners avoid foreclosure,” a statement from BofA said. “The number of customers who need these specialized services has dropped dramatically; it has declined 92 percent from the peak level.”
Around a hundred employees are affected by the move.
The impacted positions are located in Charlotte, North Carolina.
Employees who were advised about the layoffs can apply for other open positions at the bank.
Those who don’t find another job at BofA will receive
career counseling, services and resources to assist with finding new employment.
Earlier this year, BofA filed a Workers Adjustment and Retraining Notification Act notice in North Carolina indicating it would eliminate 216 Charlotte jobs on April 13.
“We have a strong track record for helping employees transition into new positions within the company,” BofA said in today’s statement.
