Bank of America Corp. (BAC), the second-largest U.S. lender, told Pennsylvania regulators that it will cut 209 jobs from a unit servicing troubled mortgages.
The firm is eliminating positions at 1120 Boyce Road in Pittsburgh by Sept. 30, according to a notice released yesterday on the Pennsylvania Department of Labor website.
Bank of America has announced more than 1,500 job cuts in its legacy assets and servicing division this year, shuttering facilities in Texas, New Jersey and upstate New York. The business, led by Ron Sturzenegger, had 31,700 full-time employees at the end of June. That figure will drop as the bank pushes to reduce costs caused by overdue customers.
"Compared to peak levels in 2011, today we have fewer than half the numbers of customers who need the specialized programs and support of this team," Jumana Bauwens, a Bank of America spokeswoman, said in an e-mail.
The company is based in Charlotte, North Carolina and employed more than 257,000 people at midyear, second among U.S. banks behind Wells Fargo & Co. (WFC)