More than one thousand Ohioans employed by Bank of America will lose their jobs at the end of October.
Bill Rice of member station WCPN in Cleveland reports.
According to a Bank of America spokesperson, many of the employees at its Beachwood facility were specialized associates hired to handle the huge volume of mortgage delinquencies that peaked in 2011. Many others others were needed to field the increased inquiries into refinancing that stemmed from historically low interest rates. Now the rates are going back up, and delinquencies are only a third of what they were at the peak. It’s closing the Beachwood office, plus two other smaller offices in Independence and Cincinnati. October 31st will be the last day of work for about 1200 employees.