Bank Watch

Bank of America lays off ‘small number’ in Charlotte

Bank of America said Thursday it has laid off a ‘small number’ of Charlotte employees across various units, as the bank continues to trim its workforce here and elsewhere.
Bank of America said Thursday it has laid off a ‘small number’ of Charlotte employees across various units, as the bank continues to trim its workforce here and elsewhere. Bloomberg

Bank of America confirmed Thursday it has laid off a “small number” of Charlotte employees across various units, as the bank continues to trim its workforce here and elsewhere.

The Charlotte-based bank declined to disclose how many employees were affected by the notifications issued on Tuesday. The bank also declined to specify which units were affected.

It’s the latest example of job cuts under CEO Brian Moynihan, who has eliminated more than 73,900 jobs companywide since becoming CEO in 2010. Moynihan continues to shrink the bank’s workforce through an efficiency effort, while adding jobs in other areas such as sales.

“These notifications have been ongoing and reflect our previously announced efforts to reduce complexity and simplify our company for our customers and clients,” bank spokesman Dan Frahm said.

This week’s layoffs follow trims the bank made last month to some marketing and communications jobs in Charlotte and elsewhere. Despite such cuts, Bank of America says its Charlotte workforce has held steady at about 15,000 for 10 years.

Frahm said impacted employees are encouraged to apply for open positions at the bank. For those unable to find a new role, the bank will provide career counseling and other resources, he said.

Bank of America’s headcount of 213,000 employees worldwide at the end of last year is just 6,000 more than mid-2008 – before it added tens of thousands of workers by buying Countrywide Financial that same year and Merrill Lynch in 2009.

A large amount of the bank’s job cuts have affected a unit that handles troubled mortgages, many of which it inherited from Countrywide. The bank has reduced staffing there as the number of problem mortgages has fallen.

Deon Roberts: 704-358-5248, @DeonERoberts

  Comments