LAS VEGAS (KSNV MyNews3.com) -- Layoff notices went out today to 77 Bank of America employees in the Las Vegas area.
The layoffs will go into effect in about 60 days. All of the employees who received layoff notices were in the company's mortgage and refinance division.
B of A is shutting this division's operations in Las Vegas.
The layoffs are part of an ongoing staff reduction. There has been a 66 percent drop in the bank's portfolio of foreclosed homes and also a decrease in the number of homeowners seeking refinancing because of a jump in the interest rate.
None of the closures affect offices open to the public.
Bank of America released this statement: "The number of delinquent mortgage loans we service has decreased to less than one-third of the peak levels. As we continue to resolve the needs of customers with delinquent loans, we are reducing the size of the operations that support these specialized programs."
"Additionally, in line with the industry, we are realigning our cost structure in response to lower customer demand for mortgage refinancing."
"We are working with employees to identify opportunities both inside and outside the bank."