The Newspaper for the Future of Miami
Connect with us:
  • Facebook
  • Twitter
  • Instagram
  • Linkedin
Front Page » Top Stories » Bank Of America Laying Off 130

Bank Of America Laying Off 130

Written by on June 28, 2012

By Scott Blake
Bank of America will lay off 130 employees in Hialeah, the company confirmed this week.

The staff reductions will take place at the bank’s facility at 17100 NW 59th Ave., where the company is consolidating functions, according to Bank of America spokeswoman Christine Beyer Toth.

Bank of America filed a notice this month with the state, disclosing that the jobs of 130 employees at the Hialeah facility will be eliminated Aug. 12 and 13.

The notice was required under the state Worker Adjustment and Retraining Notification (WARN) Act, which requires employers to report mass layoffs and plant closings.

"These employees perform transaction processing functions," the bank said in a statement this week to Miami Today. "We will remain a strong partner in this community through philanthropy, volunteerism, community development lending and investing, and various community commitments."

The Bank of America reduction of 130 workers will be the third-largest layoff this year in Miami-Dade County, records show.

In February, Jackson Health System announced it would lay off 920 workers between April 27 and May 1.

In May, the University of Miami’s School of Medicine announced it would lay off 800 workers beginning July 31.

Overall, Miami-Dade lost 3,700 jobs in the finance and insurance sector, which includes banking, from May 2011 to May 2012. During that period, total employment in the county’s finance and insurance sector dropped to 41,500 from 45,200, state employment statistics show.

Bank of America is South Florida’s second-largest bank, based on market share of deposits, behind Wells Fargo Bank, according the latest statistics available from the Federal Deposit Insurance Corp.

Bank of America refused to discuss operations at the Hialeah facility, as well as employment matters there and at its facilities elsewhere in South Florida.

"We do not discuss staffing levels or severance policies publicly, but impacted employees [of the Hialeah layoffs] have the opportunity to interview for other positions in the company as well as be considered for positions with vendors where possible," Ms. Beyer Toth said in a statement.

Meanwhile, Bank of America continues to handle problematic mortgages, including many in South Florida. Nationwide, the company said it has increased the number of its employees assigned to help "distressed" borrowers from 5,000 several years ago to more than 49,000 today.

"Since the beginning of the housing market downturn in 2008, Bank of America has completed more than a million mortgage modifications to assist homeowners who are having difficulty keeping up with their mortgage payments," Ms. Beyer Toth said.

"Nearly 113,000 of those modifications have been in Florida," she added.To read the entire issue of Miami Today online, subscribe to e -Miami Today, an exact digital replica of the printed edition.