More than 1,000 people in Ohio–most in Beachwood–could lose their jobs after Bank of America closes two bank offices.
1,000 jobs in Beachwood will be eliminated and another 50 will be lost in Independence, while another approximately 100 will be lost in Cincinnati, reported Fox.
“We continue to reduce the size of our mortgage servicing operations in line with successful reductions of our portfolio of delinquent mortgage customers,” Bank of America said in a statement obtained by NewsChannel5.
“Compared to peak levels in 2011, today we have fewer than one-third the numbers of customers who need the specialized programs and support of this team. These actions also reflect our ongoing efforts to streamline our facilities and align our cost structure with market realities, including declining refinance volume resulting from rising interest rates.”
The jobs are primarily linked to a “settlement center,” in which loans are written and finalized, and most positions are in mortgage services.
The reductions will happen through the end of October, but Bank of America is planning on helping its employees “identify opportunities both inside and outside of the bank,” according to the statement.