LAYOFFS: Bank of America cuts local workforce
Part of Bank of America’s campus on Villa Park Drive in Henrico County. (BizSense photo)
RICHMOND, Va. (RichmondBizSense.com) – Bank of America, a major employer in Richmond, laid off approximately 40 local workers last week at its massive mortgage operations center on Villa Park Drive in Northern Henrico.
The company confirmed the cuts Wednesday, explaining in a prepared statement that they are a result of changes in the mortgage market as more troubled loans are resolved and interest rates rise.
“We continue to reduce the size of our mortgage servicing operations in line with the successful reduction of our portfolio of delinquent mortgage customers,” the company said in its statement. “Compared to peak levels in 2011, today we have fewer than one-third the numbers of customers who need the specialized programs and support of this team.