Bank of America laid off more workers, releasing 280 workers in the mortgage operations area in St. Charles, Missouri, according to a report by the St. Louis Post-Dispatch [1]. The Charlotte, North Carolina-based business is closing a department that oversaw mortgage operations, leaving 90 workers in the St. Charles office.
The layoffs continued from earlier in the week [2], when Bank of America reportedly let go 450 workers in their West Coast offices.
"The number of delinquent mortgage loans we service has decreased to less than one-third of the peak levels," said company spokeswoman Jumana Bauwens in an e-mail. "As we continue to resolve the needs of customers with delinquent loans, we are reducing the size of the operations that support these specialized programs."
Bauwens continued, "Additionally, in line with the industry, we are realigning our cost structure in response to lower customer demand for mortgage refinancing."
The Bank of America spokeswoman said the company is working with affected families to find new positions, both in and out of the company.