Bank Of America will be laying off 675 employees in two offices in Fort Lauderdale as part of its overall 30,000 layoffs that is previously had announced. The offices affected were primarily responsible for modifying homeowner mortgages.
The move is expected to save BofA an estimated $43 million a year and together with other layoffs will save the bank nearly $2 billion.
The bank has been under pressure to show better profits and has taken a beating by the public and regulators in its mortgage practices in the past which have cost it $11 billion in all.
Bank of America is baseed in Charlotte, NC and the total number to be let go represent about 10% of its workforce.
Bank of America was once known as the Bank of Italy in San Francisco during the 1906 earthquake.