Less than a month after its disclosure that it would eliminate more than a thousand mortgage jobs, Bank of America Corp. is moving forward with another round of layoffs. The latest job cuts, however, involve far fewer people.
The Charlotte, N.C.-based firm disclosed Thursday that it is reducing it mortgage staffing at several origination locations across the country, including a facility in Plano, Texas.
Impacted employees work in BofA’s centralized sales force. The sales unit handles both refinance transactions and purchase financing.
“Obviously the folks in centralized sales also do purchase mortgages, but more of their business is refinance,” BofA Senior Vice President Corporate Communications Terry H. Francisco stated in a telephone interview
Francisco confirmed that around 130 employees are impacted.
“In order to remain competitive, we [must] align our cost structure with market realities to support the current operating environment,” Francisco said in a written statement. “Unfortunately this means we must reduce our workforce.”
Today’s actions are in addition to 50 BofA layoffs in Washington, D.C., on Oct. 31, according to an Aug. 29 Workers Adjustment Retraining Notification filing. In nearby Northern Henrico, Va., BofA laid off 40 mortgage employees late last month.
BofA additionally disclosed last month that it would terminate around 1,200 Ohio employees on Oct. 31.
BofA also recently disclosed that it would lay off 543 Fresno, Calif., employees; eliminate 469 Newark N.J., positions; cut 113 Addison, Texas, jobs; and reduce its North Texas staffing by 411 people. In addition, BofA recently gave notice to 209 Upper St. Clair, Pa., employees and 53 Central Florida employees.
“Impacted employees are being offered a severance package and access to transitional assistance,” Francisco added in today’s statement. “Despite headwinds in the refinance segment, we remain focused on strengthening and growing our mortgage originations business and meeting the financial needs of our customers, regardless of what their home loans needs may be.”