On Wednesday, February 12, hundreds of Bank of America employees in the area will lose their jobs. According to a KSDK report, Bank of America is cutting 280 jobs out of the approximate 2,200 current employees in the St. Louis area.
The most recent job cuts will take place at the St. Charles location where less than 100 employees will be left after the layoffs take place. The St. Charles layoffs will affect 280 workers in the mortgage operations division of the bank.
A Bank of America spokesperson, Jumana Bauwens, reportedly explained that the layoffs are a direct result of the decline in the number of delinquent mortgage loans that were part of specialized programs, which the bank currently services. Additionally, there is less demand for refinancing. She said that the bank is working with these soon to be former employees to help locate other job opportunities for them. Some of these opportunities could be within the bank in a different department.
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