Bank of America to lay off 1,100 workers
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.
Consumer spending up weak 1% in July
U.S. consumers barely increased their spending in July as their income grew more slowly, held back in part by steep government spending cuts that reduced federal workers’ salaries. The tepid gains suggest economic growth is off to a weak start in the July- September quarter.
The Commerce Department said Friday that consumer spending rose just 0.1 percent in July from the previous month. That’s slower than June’s 0.6 percent increase. Consumers cut their spending on long-lasting manufactured goods, such as cars and appliances. Spending on services was unchanged.
Income rose 0.1 percent in July after a 0.3 percent June gain. Overall wages andSFlbsalaries tumbled $21.8 billion from June — a third of the decline came from forced furloughs of federal workers.
Selected local stocks
Aqua America, .76, 30.38 —.75
Clear Channel, .61 26.34 —.20
Cortland Bancorp, 9.31.00
Farmers Nat., .126.18 .03
First Energy, 2.20, 37.46.10
FirstMerit Corp., .64,21.16 —.61
First Niles Financial, .32,6.55.00
First Place Fin., .0022.00
FNB Corp., .48,12.08—.13
General Electric, .76,23.10—.01
Motors Liquidation, .0422.00
Huntington Bank, .20, 8.24—.02
JP Morgan Chase, 1.52,50.50—.20
Key Corp, .22,11.66—.13
LaFarge, 15.28 —.17
Macy’s, 1.00, 44.42—.19
Parker Hannifin, 1.80, 99.95.85
RTI Intl. Metals,31.00—.84
Simon Prop. Grp.,4.60,145.46—.88
Stoneridge 12.44 —.62
United Community Fin. 4.03—.27
Selected prices at 4 p.m. Friday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.