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Bank Makes Cuts in Thousand Oaks

Bank of America is cutting 140 positions from its correspondent lending division based in Thousand Oaks. The national bank began making staffing cuts in that division after failing to sell it. The layoffs will be effective Dec. 15, according to a Worker Adjustment and Retraining Notice filed with the state. The correspondent lending division was part of the 2008 Countrywide Financial acquisition by Bank of America. In total, 1,200 positions were marked for elimination in the correspondent lending division with 700 to 800 of those positions in Thousand Oaks, Agoura Hills, and Westlake Village, said Terry Francisco, a Bank of America spokesman. “We decided to get out in October,” Francisco said. “We wanted to put more resources into our own retail channel and sell mortgages through retail centers.” About 1,000 of the affected employees received jobs in other parts of the bank, Francisco said.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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