Bank of America has cut dozens more jobs in Charlotte as it continues to trim costs and reduce staffing across the company.
Bank spokeswoman Nicole Nastacie would not disclose the types of jobs targeted or the exact number of layoffs, saying that they are “across multiple lines of business.” Pay levels for the eliminated jobs were also not disclosed.
“These decisions are part of ongoing efforts to help us become a simpler, more stable organization,” Nastacie said.
Bank of America employs roughly 15,000 in the Charlotte region.
The nation’s second-largest lender by assets has been reducing its ranks since announcing in 2011 plans to eliminate 30,000 jobs companywide over the course of a few years.
Cuts have been felt nationwide. Just last week, Bank of America told Texas regulators that it would eliminate roughly 400 jobs from a unit that services troubled mortgages, according to Bloomberg News. Those reductions are expected to be completed by Sept. 30.
According to securities filings, the bank has reduced its companywide employment by 27,000 since Sept. 30, 2011. At that time, the bank employed 290,000 full-time equivalent employees. As of March 31, the number was 263,000.
Nastacie said Charlotte “continues to be a strategic employment location for the bank.”
Chief executive Brian Moynihan told the Observer in December that while Charlotte could see cuts, they wouldn’t be disproportionate. “This community will be no different than any other community…Charlotte will fare basically the way everybody else will. There’s been a slight leakage down, but it’s no one unit.”
Meanwhile, banking and lending jobs in the Charlotte metropolitan area have yet to reach their prerecession high. According to U.S. Bureau of Labor Statistics data, 39,578 worked in that field in the Charlotte area in 2006. As of the end of last year, the figure was down 6.2 percent to 37,120, according to preliminary figures.
Banking and lending industry pay is also down from prerecession levels. Annual pay averaged $100,250 in the Charlotte region in 2006. Last year, the average was $96,423, according to preliminary BLS data.
The largest number of financial services jobs lost in the Charlotte area since the recession have been in mortgage banking, primarily in “nontraditional” areas such as subprime lending, said Mark Vitner, a Wells Fargo economist.
Charlotte has also lost higher-paying financial sector jobs, such as those in investment banking, he said.
Vitner predicts that the region will one day return to prerecession levels of banking employment.
“I think we’ll get back there with a far more diverse mix of employers,” he said. “We’ve seen a lot of other institutions come into town that in the past might not have thought that they could compete … with Bank of America and Wells for the workers.”
Roberts: 704-358-5248 Twitter: @DeonERoberts
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