TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Bank of America cuts 46 mortgage jobs in Pittsburgh

Email Newsletters

Click here to sign up for one of our email newsletters.

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

Daily Photo Galleries

Thursday, June 12, 2014, 2:54 p.m.
 

Bank of America is laying off 46 workers in its mortgage banking business at the Allegheny Center in the North Side.

Employees were notified last month, and the job cuts will occur on July 7, said bank spokeswoman Jumana •Bauwens. She could not confirm how many people worked in that location and what functions were affected but said the cuts were in response to declining demand for mortgage services.

“The number of delinquent mortgage loans we service has decreased to one-fourth their peak levels. As we continue to resolve the needs of these customers and experience lower customer demand for mortgage refinancing, we are reducing the size of the operations that support these specialized programs,” Bauwens wrote in an email.

Workers affected by the changes were encouraged to apply for open positions at locations across the state. There are 75 open positions, Bauwens said. Bank of America has more than 3,500 employees in Pennsylvania.

Banks have been pruning their mortgage staffs because of a decline in business as rising rates crimp refinancings and loan originations.

Bank of America, the nation's second-largest bank, has slashed thousands of mortgage jobs in recent months, including 209 at its mortgage call center in Upper St. Clair, which closed in September. PNC Financial Services Group has cut mortgage jobs because of a slowdown in business.

Chris Fleisher is a staff writer for Trib Total Media. He can be reached at 412-320-7854 or cfleisher@tribweb.com.

Subscribe today! Click here for our subscription offers.

 

 


Show commenting policy

Most-Read Stories

  1. Cole outduels Mets rookie, carries Pirates to victory
  2. Hempfield pair caught in vehicle scam
  3. Olympic swimmer Schmitt, a Ross native, owns her struggles
  4. Lowly job likely awaits former Pittsburgh police chief after prison
  5. Pirates’ McCutchen laughs off pay stub leak
  6. PennDOT puts final touches on Route 28 construction
  7. Murray, Alpha notify West Virginia coal miners of layoffs
  8. Hopewell hall of fame, museum celebrates retro arcade games
  9. Pirates notebook: Stewart, Cole develop rapport
  10. Trooper fatally shoots burglary suspect inside Somerset Twp. grocery store
  11. Mt. Lebanon, Hampton capture WPIAL boys lacrosse titles