Bank of America plans to close a Buffalo-area office in June and is offering the 170 or more affected employees the option to stay with the company at other locations in and out of state.
BofA recently notified New York officials about the Elma office closure, saying that 170 employees are affected, according to the state Department of Labor Worker Adjustment and Retraining Notification Act website.
Buffalo Business First reported this week that BofA is moving about 250 employees from the office as its lease there expires.
"All employees have been offered the opportunity to relocate with Bank of America. Buffalo-Niagara is an important market, and we will continue to invest in the region," a BofA spokesperson told ThinkAdvisor in an emailed statement.
"Our commitment to Buffalo-Niagara remains strong, and in the last 10 years we invested $26 million in our footprint in the market, with plans to invest an additional $4 million in our financial center network alone over the next couple of years. In addition, we invested more than $4 million in philanthropic grants, sponsorships and employee matching gifts since 2020," the spokesperson said.
The WARN notice to workers and regulators indicated that affected employees who accept internal transfer opportunities before their layoff date will not be separated from BofA.
No financial advisors are affected by the branch closure.
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