Many of you are posting here on Bank of America layoffs in 2014 but there is very little substance here. So here is the skinny: if you deal with real estate and mortgage and you work for ANY company, you are in danger. Our folks from Simi know this first hand. Title companies, insurance companies, lenders, banks, folks who are packaging things, furniture, etc. EVERYONE suffers - this is not a BofA thing, it's industry wide and that's it. Cannot help it, the industry will pick up, will bounce back, in a year, two, three - it always does, so do no be sad, heads up, and move forward. If you are in investment banking, you are in a shrinking industry that will still work you like a horse, 80 hr/wk will be your happy week, you will sleep in the office, they will wave a multimillion carrot in front of you - one of 1000 folks will get it - you will be laid off. Your buddies will be laid off, they will say it's performance but it's not, you'll go to a mid tier firm with a smaller carrot, you'll work less and make less money but you will be happier than here. So, IT WILL HAPPEN and get ready. If you are in retail, good luck, stuff changes at Bank of America all the time, someone will figure out that your branch is nonperforming, you contribute less, blah, blah, blah, and that's going to be it. They will fire you, or they will close the branch - whichever comes first. So, do not trust anyone, believe in self only and keep moving forward. Never rest and never trust. Period. My two cents... Abraka
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540 were cut in Charlotte, on the mortgage side. This division was created in 2011 as a special unit to focus on past due mortgages after the bank acquired Countrywide Financial Corp three years earlier. In 2012, the division employed 42,000 full time workers. At that time, the bank was processing over a million mortgages classified as past due. This particular group of employees worked on loans that were due and not paid, in need of an update, problematic, or listed in foreclosure status.
However, US government investigators in recent years have been looking into the bank's unethical lending practices, and the mortgage business declined because the banks were coerced to offer customers mortgage modifications among other compensatory measures. Another reason for the decline of the mortgage business was the large number of wholesale loan sales, short sales, and foreclosures.
Bank of America is now Bank of Merrill...all legacy people are losing their jobs.
What did you do at Simi...
Agreed. The company is looking to reduce costs by moving towards a customer facing business model. If you don't directly deal with customers and bring in income, i.e, credit cards, loans, new accounts, your division will shrink or be eliminated.
I was laid off from a Simi location so I know this first hand.