Bank of America cuts 540 jobs in Charlotte - WBTV 3 News, Weather, Sports, and Traffic for Charlotte, NC

Bank of America cuts 540 jobs in Charlotte

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CHARLOTTE, NC (WBTV) -

Bank of America announced Wednesday that it is cutting 540 positions in Charlotte.

The jobs cuts are in the Legacy Asset Servicing Division which formed in 2011 to help homeowners going through foreclosure.

But their work has been reduced as the housing market has improved.

"This team grew dramatically during the economic downturn to support short-term needs of mortgage customers who were at risk of foreclosure," the bank said in a statement. "While these are difficult actions for us to take, we are now returning to normal staffing levels."

The positions will be eliminated in August.

Employees being laid off will be able to apply for other positions at the bank.

Bank of America employs around 15,000 people in the Charlotte region.

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