Bank of America will close a back-office facility in a Sacramento, Calif., suburb and outsource some of the office's employees.
B of A did not renew a lease at its Rancho Cordova, Calif., office, the Sacramento Business Journal reported. The office houses several bank divisions, including its home equity mortgage fulfillment group.
B of A will outsource the work performed by the home equity group to Accenture. The group has about 800 employees and Accenture is expected to hire about 80% of the staff at a location in the area.
In addition to the home equity group, the building also houses B of A's regional headquarters for retail, commercial and business banking operations.
The bank is searching for local offices in which to relocate employees who work in other divisions at the location, as well as the remaining employees in the home equity group who are not being outsourced to Accenture. The process is expected to be completed by the end of this year.
In a similar move, the bank last month moved a large number of real estate employees at its Charlotte, N.C., headquarters to outside firms. B of A has also been selling off branches in various locations to other banks.