Bank of America lays off over 500 in mortgage division

A sign is seen outside of a Bank of America branch. (File) (Justin Sullivan, Getty Images)
A sign is seen outside of a Bank of America branch. (File) (Justin Sullivan, Getty Images)
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Updated: 6/25 6:30 pm

CHARLOTTE, N.C. (AP) — Bank of America is laying off 540 workers in a division that handles troubled mortgages.

The Charlotte Observer reports that the cuts announced Wednesday amount to nearly two-thirds of the local workforce in the Legacy Asset Servicing division.

At its peak in 2012, the unit employed 42,000 full-time workers across the company as the Charlotte-based bank dealt with more than a million past-due mortgages. The bank has cut a third of those jobs as it reduces the number of delinquent loans through mortgage modifications, short sales, foreclosures and wholesale loan sales.

About 400 workers in the Charlotte unit will keep their jobs. Of those to be laid off, about 150 will have the opportunity to shift to jobs supporting the consumer call center in Charlotte.

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