BEACHWOOD, Ohio (AP) — Bank of America Corp. will lay off more than 1,100 employees as it closes two suburban Cleveland offices and one in Cincinnati while shrinking its mortgage operations.
About 1,000 people will lose jobs when a mortgage and consumer banking office in Beachwood closes Oct. 31. Beachwood Mayor Merle Gorden says those facilities are owned by The Cleveland Clinic, and the city hopes to explore whether the Clinic's operations could expand to the affected spaces and employ some of the laid-off workers.
Workers will receive severance packages. The Plain Dealer reports transfer opportunities for them are limited because North Carolina-based Bank of America has no similar operations in the Cleveland area.
An Independence office with 55 employees and a Cincinnati office with 100 workers also will close Oct. 31.