Roughly 280 Bank of America employees in Glendale will either be transferred or laid off in the wake of the company's decision to close its corporate offices on North Brand Boulevard by the end of the year.
The 281 employees who work at 611 N. Brand Blvd. received the notices last month, according to the California Employment Development Department.
The departure of the bank, which occupies four floors in the high-rise building, will only add to an abundance of Class A office space available in Glendale.
In a statement Tuesday, Bank of America officials said they have been working with employees since August to identify other employment opportunities within the company. Nearly 100 of them had already been transferred to other positions by the time the layoff notices were sent out.
Most of the employees work in a division that assists delinquent mortgage customers, but bank officials said they've made “great progress in assisting customers and reducing the number of delinquent loans we service.”
The departure hits the city at a time when officials are trying to whittle down Glendale's 22% vacancy rate for Class A office space. Having recently celebrated Whole Foods' decision to move its regional headquarters from Sherman Oaks to Glendale, city officials on Tuesday remained upbeat in spite of the Bank of America closure.
“The city of Glendale continues to focus on maintaining a vibrant downtown throughout the day and evening and we're happy to report that economic indicators — like sales tax growth and office occupancy — are trending positively,” said city spokesman Tom Lorenz. “While we are sorry to see [Bank of America] close, we are optimistic about the future and stand eager to assist any company who wishes come to Glendale.”
Follow Mark on Twitter: @LAMarkKellam.