Report: Bank Of America Laying Off Hundreds In Ft. Lauderdale

View Comments
bank of america
Legislative Session Coverage

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.

View Comments
blog comments powered by Disqus

Get every new post delivered to your Inbox.

Join 3,905 other followers