Bank of America cuts 46 mortgage jobs in Pittsburgh
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 firstname.lastname@example.org.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Cole outduels Mets rookie, carries Pirates to victory
- Hempfield pair caught in vehicle scam
- Olympic swimmer Schmitt, a Ross native, owns her struggles
- Lowly job likely awaits former Pittsburgh police chief after prison
- Pirates’ McCutchen laughs off pay stub leak
- PennDOT puts final touches on Route 28 construction
- Murray, Alpha notify West Virginia coal miners of layoffs
- Hopewell hall of fame, museum celebrates retro arcade games
- Pirates notebook: Stewart, Cole develop rapport
- Trooper fatally shoots burglary suspect inside Somerset Twp. grocery store
- Mt. Lebanon, Hampton capture WPIAL boys lacrosse titles