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Servicing / The Ticker

Bank of America slashes mortgage servicing jobs

Cuts 540 employees

Bank of America
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Bank of America (BAC) continues to cut back and laid off 540 employees in its Charlotte location that handles troubled mortgages, an article in the Charlotte Observer said.

The article said cuts amounted to nearly two-thirds of the local work forces in that division, known as Legacy Asset Servicing.

Bank of America created the Legacy Asset Servicing group in early 2011 to house 1.4 million mortgages more than 60 days past due, largely inherited in the 2008 acquisition of subprime lender Countrywide Financial.

The Legacy Asset Servicing division had 26,400 employees across the company at the end of the quarter. Their ranks were built up, in part, by transferring workers from other areas of the bank. Bank of America has since redeployed about 6,000 workers back to other divisions.

This is in addition to 265 layoffs announced in Texas by Bank of America, according to the Texas Workforce Commission

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