Bank of America (BANA) announced it is laying off over 1,000 people in Cuyahoga County, Ohio. The people being laid off predominately compose the ReFi (Re Financing) Departments within BANA.
The Cleveland.com Article said, “In Beachwood, about 660 of the jobs are in home loans fulfillment — most of them working in refinance — and 350 to 400 more are in customer service for consumer banking. The Independence and Cincinnati offices both involved home loans.”
True Irony. Safeguard Properties (SGP) is based out of Cuyahoga County, Ohio, and bought out BANAs Preservation Arm last year. While I never like to see folks laid off, one has to ask whether or not this is an example of a cruel irony. Unless these soon to be former BANA employees have their homes paid for, the question presents will they soon have SGP Contractors showing up in their driveways to collect upon debts owed to the very bank they used to work for.