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Bank of America cuts mortgage jobs, some in Charlotte

Bank of America has cut a small number of mortgage jobs in the Charlotte area, a spokesman said late Thursday, as the bank continues to shrink the number of troubled loans in its legacy asset servicing unit.

Spokesman Dan Frahm said the bank does not give out exact numbers of employees laid off. The unit was set up to manage the bank’s troubled loans, many of which came from its 2008 acquisition of subprime lender Countrywide Financial Corp.

Like other banks, Charlotte-based Bank of America found itself with many troubled loans on its books when people could not pay their mortgages during the downturn in the housing market. The latest job cuts come as the bank’s portfolio of delinquent loans is about one-fifth the size of its peak, Frahm said.

Bank of America, he said, continues “to reduce the size of the operations that were built to support customers with these specialized programs. We continue making every effort to help associates transition to new roles both in and outside the company,” he said.

The bank employs about 15,000 in the Charlotte area.

Also Thursday, Bloomberg News, citing two people with direct knowledge of the plans, reported that the bank is cutting 450 mortgage jobs from West Coast offices. Frahm did not confirm the Bloomberg report.

The announcements come after Bank of America on Wednesday confirmed that it laid off more workers in its technology and operations division, including an unspecified number in Charlotte.

Roberts: 704-358-5248; Twitter: @DeonERoberts
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