Part of Bank of America’s campus on Villa Park Drive in Henrico County. (Photo by Michael Schwartz)
Bank of America is laying off 103 local workers, the bank said Thursday.
The employees, who received notice Thursday, work in the refinancing and default servicing divisions at the bank’s Villa Park Drive center in Northern Henrico.
It is the second round of layoffs at the location in six months.
Bank of America also said Thursday that it is transferring 540 local workers’ jobs to another division within the Villa Park Drive center. Those employees come from the default servicing and home loan fulfillment divisions and will now work in banking credit and consumer deposits divisions.
“The number of delinquent mortgage loans we service has decreased to less than one-third of the peak levels,” the bank said in a statement. “As we continue to resolve the needs of customers with delinquent loans, we are reducing the size of the operations that support these specialized programs. Additionally, in line with the industry, we are realigning our cost structure in response to lower customer demand for mortgage refinancing.”
The bank said most of the employees have been given 60 days’ notice, during which Bank of America will try to help them find another job with the bank or with another employer.
Also Thursday, 15 mortgage department employees in Norfolk were told that they would be laid off, the bank said.
In late August, the bank laid off about 40 local workers at its mortgage operations center on Villa Park Drive.
Bank of America is not the only big bank to lay off Richmond workers in recent months: In October, Capital One confirmed that it was laying off about 200 local employees.
Part of Bank of America’s campus on Villa Park Drive in Henrico County. (Photo by Michael Schwartz)
Bank of America is laying off 103 local workers, the bank said Thursday.
The employees, who received notice Thursday, work in the refinancing and default servicing divisions at the bank’s Villa Park Drive center in Northern Henrico.
It is the second round of layoffs at the location in six months.
Bank of America also said Thursday that it is transferring 540 local workers’ jobs to another division within the Villa Park Drive center. Those employees come from the default servicing and home loan fulfillment divisions and will now work in banking credit and consumer deposits divisions.
“The number of delinquent mortgage loans we service has decreased to less than one-third of the peak levels,” the bank said in a statement. “As we continue to resolve the needs of customers with delinquent loans, we are reducing the size of the operations that support these specialized programs. Additionally, in line with the industry, we are realigning our cost structure in response to lower customer demand for mortgage refinancing.”
The bank said most of the employees have been given 60 days’ notice, during which Bank of America will try to help them find another job with the bank or with another employer.
Also Thursday, 15 mortgage department employees in Norfolk were told that they would be laid off, the bank said.
In late August, the bank laid off about 40 local workers at its mortgage operations center on Villa Park Drive.
Bank of America is not the only big bank to lay off Richmond workers in recent months: In October, Capital One confirmed that it was laying off about 200 local employees.