SUNRISE (CBSMiami) – Bank of America has notified the state of Florida it plans to lay off more than 150 people at the company’s Sunrise mortgage center.
According to the South Florida Sun-Sentinel, the layoffs started last Friday and will continue through October 31 and are part of the company’s plan to downsize the mortgage operations workforce.READ MORE: COVID-19 Deaths Near 58,000 As Hospitalizations Drop
The layoffs are part of 30,000 firings the nation’s bank announced last September, according to the Sun-Sentinel.
BOA has struggled since it acquired mortgage giant Countrywide during the Great Recession. Countrywide was nearing bankruptcy and proved to be a financial disaster in the short term for BOA.READ MORE: State Heads Off Debt Collectors On Overpayments Of Unemployment Aid
Still, Bank of America, like other major banks, has experienced a boom in the last two years. In the second quarter of 2013, BOA saw net income rise 63 percent to $4 billion compared to $2.5 billion in the second quarter of 2012.
Overall, BOA saw revenue increase to $22.7 billion from $22 billion last year.MORE NEWS: Police: Ferrari Driver Struck, Thrown Off Sunny Isles Bridge
Complicating the picture for BOA is rising interest rates are expected to take a bite out of the mortgage/real estate market. Bank of America generated more mortgages in the second quarter, but the financial gain from those loans fell and isn’t showing signs of improvement.