Bank of America will close a corporate office at 101 S. Marengo Ave. in Pasadena by early 2019 in a move that will result in 575 layoffs, the company announced Wednesday.
Company spokeswoman Colleen Haggerty said the bank’s lease on the property will expire during the first quarter of 2019 so everyone must be out by then. The other 560 employs who work at that location will be redeployed at other BofA locations in the area, she said.
“Renewing the lease at Marengo was not an option,” she said. “But we’ll take advantage of our other worksites in Los Angeles, Glendale and Orange County. We just signed a new leased on a property at 611 N. Brand Ave. in Glendale and we have another location in Glendale, too.”
In a statement, the bank said it is notifying employees of the move now so the company will have time to support them in other job placements where they are available.
Haggerty said the redeployments and layoffs will be done in phases, although she didn’t provide a timeline for when they will take place.
“It will be on a rolling basis, depending upon the different lines of business,” she said. “Some may move sooner and some later. For the jobs we can’t replace we’ll offer career transition resources, including resume writing, career counseling and networking fairs.”
Severance pay and benefits will be offered to eligible employees whose jobs are impacted, the company said.
The South Marengo Avenue building in Pasadena houses a variety of operations, including customer service, data management and other back-office operations, Haggerty said.
