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Economy and Business

Bank of America sheds 1,000 Northeast Ohio jobs, citing the mortgage market
Beachwood will take the biggest hit

In The Region:

Bank of America confirmed today it’s closing two centers in Cleveland, putting more than a thousand people out of work. 

LISTEN: Mortgages, Bank of America and layoffs

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Employees at the Beachwood mortgage and consumer banking office have learned it will close Oct. 31. About two thirds of them work in home-loan fulfillment and refinancing, and Bank of America says the company’s backlog of delinquent home loans has been significantly reduced from its peak levels in 2011.

Bank of America is listed among the five biggest employers in Beachwood. It’s the second-largest bank in the country. In a statement, it says the number of customers needing specialized loans and support has dropped by a third. It is offering severance packages based on years of employment.  The Cleveland Clinic owns the buildings that include the Bank of America offices.  

The Bank of America service center was once the MBNA credit card business owned by former Cleveland Browns’ owner Al Lerner. It employed some 2,000 people.                

After Lerner’s death, his family sold the operation to Bank of America in 2006.  About a year and a half ago, the center’s was credit-card division was converted to handle home-loan refinancing. 

The bank is also closing an office in Independence that employs 55 people and one in Cincinnati that employs about 100. 

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