Bank of America to shutter TechCity offices
7/20/11 - 10:18 am
It's official: Next year, hundreds of jobs will leave Ulster County when Bank of America closes its tax-processing operation in Ulster's TechCity complex.
Some of the affected full-time workers will be offered training for other jobs within the company, said bank spokesman T.J. Crawford.
Crawford said the decision to close the TechCity operation came after Bank of America officials concluded there were no projects available to replace the bank’s expiring contracts to process New York state income tax returns and New York City property tax forms. Both contracts expire late this year.
“At the end of the day, we can’t spend millions (of dollars) to operate a facility for which there is little to no work,” Crawford said.
As recently as March, Senator Chuck Schumer put out a press release saying he was optimistic about preserving Bank of America jobs at the site. But it seems efforts to find other business for Bank of America's TechCity employees haven't born fruit.
The Poughkeepsie Journal reports that Bank of America did not even apply to renew its New York City contract:
...Owen Stone, spokesman for [New York City's] Department of Finance, said Bank of America did not enter a competitive bidding process for a new contract. That was won by Wells Fargo, which will do the work on Staten Island.
The bigger deal is the state contract, which was eroded by an increase in electronic returns.
Reuters reported yesterday that Bank of America just reported the worst quarterly loss in the company's history -- a record-busting $8.8 billion.
The loss was expected after the bank said in June it would pay $8.5 billion to settle lawsuits from mortgage bond investors and take more than $14 billion of other home loan-related charges. But investors were troubled by indications that a tepid economy is retarding recovery outside of mortgages.
Interest income fell during the quarter, and Chief Executive Brian Moynihan said in a conference call that demand for loans is sluggish and the economy is not improving quickly.
Shares of the bank closed down 1.54 percent at $9.57 on the New York Stock Exchange.
|MTC Is Hiring: Job Fair 7/19 and 7/21|
|Raining Poetry in Roxbury|
|Celebrate Independence Day Weekend in Roxbury|
|Greater Roxbury Business Association's Monthly Business Mixer - June 28, 2016|
|Fun Father’s Day Gifts on Main St. in Roxbury|
|Calling all teen actors, costume designers, & techies!|
|(7/3) Alt-country Gala Dance Under the Stars with Girls Guns & Glory and The Hop City Hellcats|
|Farmers' Market of the Week: Barryville|
|Farmers' Market of the Week: Rosendale|
|Farmers' Market of the Week: Rock Hill|
|Farmers' Market of the Week: Delhi|
|Lupins: Legumes Of Catskills Gardens!|
|Champion Campions of the Catskills! Pretty in Pinks Part II!|
|Pretty in Pinks! Catskills Dianthus!|
|Bugs Inside Bugs – Andes Roundtable Talk!|
|The Workings of Honey Bee Hives with Will "The Bee Man"|
|Walk Among the Weeds with Marguerite Uhlmann-Bower|
|Voices of Wisdom|
|The Workings of Honey Bee Hives|
|Civil War Reenactment, June 25 & 26|
|History of the Delaware & Northern Railroad Saturday, June 11th - 2pm|
|Golf Tournament...an Annual Margaretville Health Foundation Event|
|Just in Time for Father's Day. . . Introducing Man Tea!|
|Tay Tea's Iced Elixirs now at Blue Bee Cafe|
|Summer on Ice - A Special Offer from Tay Tea!|
|Father's Day Brunch at The Old SchoolHouse Inn & Restaurant|
|Job Posting: Staff Analyst|
|Barbecue Your Breakfast! Five Reasons to Start Your Day Cooking in Your Backyard|
|CATSKILL MOUNTAIN HOUSE documentary screens at D&H Canal Museum Friday June 10|
|Today is the day!! Here are the events!|
|Burroughs and train travel subject of June 4 program|
|Stories from West Shokan|
|Concerts open and close History Days|
|Zeke Lost Dog in Andes NY Please Keep An Eye Out|
|Lovingly Restored Greek Revival|
|LOCATION, VIEWS, COMFORT|