Bank of America Corp. is closing its mortgage processing facility in western New York and is expected to layoff about 500 people.
The Buffalo News reports that Bank of America plans to shut down its 130,000-square-foot facility in Getzville, N.Y., by May 31. The facility currently employs about 1,200 workers, and Bank of America will keep about 100 people on its payroll. M&T Bank Corp. will take control of the lease for the facility and plans to hire about 600 of the Bank of America employees.
A Bank of America spokesperson says that the facility is closing because the company has fewer borrowers requiring assistance with their mortgages.
