FORT LAUDERDALE (CBSMiami) – Bank of America will lay off roughly 675 workers in two Fort Lauderdale offices, according to the South Florida Sun-Sentinel. The impacted office is where mortgage modifications are handled.
The local layoffs are part of a total of 30,000 job cuts the bank announced last September. The cuts from the North Carolina-based bank represent more than 10 percent of the work force for BofA, according to the Sun-Sentinel.
While the company is laying off workers to help a sagging stock value and overall decline in business, the company’s CEO is raking in millions of dollars. According to Reuters, BofA CEO Brian Moynihan made $8.1 million in 2011 including $6.1 million in performance-based stock that vests if the company meets certain requirements by 2015.
During 2011, when Moynihan’s pay jumped from $1.9 million to $8.1 million, Bank of America’s stock value dropped 58 percent.
The company told the Sun-Sentinel the layoffs will happen in mid-October and by the end of the year. The work will be pushed onto other employees in other cities the company said.
BofA told the Sun-Sentinel the layoffs won’t impact the bank’s branches or customer service centers in Miami and Fort Lauderdale.