Banking

Bank of America vacating 4 floors in uptown office building

101 Independence Center, where Bank of America says it will vacate four floors by August 2016. The move is the latest example of the Charlotte-based lender’s reduction in the amount of office space it occupies worldwide as it seeks to improve efficiencies.
101 Independence Center, where Bank of America says it will vacate four floors by August 2016. The move is the latest example of the Charlotte-based lender’s reduction in the amount of office space it occupies worldwide as it seeks to improve efficiencies.

Bank of America is vacating four floors of an uptown Charlotte office tower where it leases space, in the latest example of the lender shrinking the amount of real estate in occupies in Charlotte and elsewhere.

The Charlotte-based lender is moving out of the sixth through ninth floors of 101 Independence Center, where it will remain the largest tenant, bank spokeswoman Jennifer Darwin said Thursday. The 20-story building is directly across from Bank of America’s headquarters tower at Trade and Tryon streets.

All told, the bank is vacating roughly 85,000 feet of space in the building, Darwin said. She declined to disclose how much space the bank will continue to occupy in the building or how many of its employees work there.

The move comes as Bank of America over the past three years has been scaling back the office space it occupies worldwide as it seeks to improve efficiencies. Darwin said the latest move is part of those efforts.

The reduction in office space also comes as CEO Brian Moynihan has been pushing to reduce the lender’s expenses, which shot up following the financial crisis partly from high legal costs.

Employees relocated from Independence Center will be moved to “other offices uptown,” Darwin said but declined to give specifics. She said she did not know offhand what types of jobs the relocated employees hold.

No layoffs will result from the move, which is expected to be completed by August 2016, she said.

Bank of America does not disclose how much total office space it occupies in the Charlotte metropolitan area, where it employs about 15,000 people.

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