1,200 people are employed there, but only 500 will lose their jobs.
Bank of America's Dan Frahm tells WBEN, "At our peak level (of the housing crisis) in 2011, we had 1.4 million customers delinquent on their mortgage, so we had to ramp up our operations. Today we have fewer than half who need the special services so we're adjusting our operations." Frahm adds M&T Bank's growth in mortgage servicing operations makes it an ideal time for Bank of America to transfer the lease over to M&T.
Bank of America says M&T is taking over the lease May 31st and an M&T spokesman says the bank will hire at least 600 of those employees. 100 are expected to stay with Bank of America.