As the number of delinquent mortgages in its portfolio shrinks, Bank of America Corp. is reducing the size of its division that handles those bad loans.
Bank of America on Monday filed a Worker Adjustment and Retraining Notification with the state saying it will cut 69 jobs in April at its office complex near The Avenues Mall in Jacksonville.
The company said in an emailed statement Tuesday that most of the jobs being eliminated are in its Legacy Asset Servicing division.
“With fewer mortgage customers experiencing delinquency and no longer needing the specialized services and programs we have built, we continue to reduce the size of these operations,” the company said.
Bank of America said the size of its delinquent mortgage portfolio has dropped from a peak of 1.4 million loans in January 2011 to just 189,000 at the end of the fourth quarter.
The company said the affected employees are eligible to apply for open positions at the bank, which has has more than 80 openings and more than 8,000 employees in Jacksonville.
“In key Bank of America employment centers like Jacksonville, we have the advantage of numerous areas of our business represented. So, while one business may experience a reduction in the size of its team, other areas are growing. That creates opportunity for our employees to continue employment with us and to advance their careers,” the company said.
Besides its complex near The Avenues, Bank of America also has major operations in the Downtown Bank of America Tower and another office complex in Deerwood Park.