Laid off from Bank of America.
Bank of America shrinks the quiet way. Headcount slid from about 217,000 in early 2023 to roughly 213,000, held there through 2025, and reached about 211,000 by mid-2026, while our tracker holds one filing since 2025, for an Elma, New York operations center a lease expiry closed.
At a glance
What's known about Bank of America severance and layoffs
- About 213,000 in both years · Headcount, year-end 2024 and 2025
- About 211,000 · Headcount, June 30, 2026
- About 1,070 people, through attrition · Decline since year-end 2025, per the CFO
- More than 18,000 · Hires during 2025
- 8 percent in both years · Turnover, 2024 and 2025
- One · WARN filings since 2025, our tracker
- 170 of 252 jobs · Elma, New York closure, June 2026
Recent Bank of America layoffs
Bank of America closed the Elma operations center in June 2026, its one tracked filing since 2025
The Elma, New York operations center closed on June 24, 2026 as the lease expired, affecting 170 of the 252 jobs there, with the filed notice naming 172. Bank of America said all 252 people were offered other positions or could choose a severance package. Weeks later its quarterly filing put company headcount at about 211,000.
Previous rounds
Bank of America layoff history
Bank of America takes its workforce down without announcing rounds, and its executives describe the method in plain terms. On the April 2026 earnings call, CFO Alastair Borthwick put the company about 1,070 people below year-end 2025, all of it through attrition. CEO Brian Moynihan gave the arithmetic behind that on the same call, saying the bank has to hire roughly 1,300 people a month just to stay neutral, so headcount can be adjusted by being careful on hiring and letting "attrition be your friend," and that the shrinkage comes from eliminating work and applying technology. He had described the same approach to Fox News in September 2022, saying that if the bank needed to manage headcount, when people left to join other employers it would simply not fill all the jobs.
The filings put numbers on the drift. Bank of America reported about 213,000 employees at the end of both 2024 and 2025 and about 211,000 at June 30, 2026, a decline of roughly 2,000 across the first half of 2026. The same annual report records more than 18,000 people hired during 2025 and turnover steady at 8 percent in 2025 and 2024, which is what a flat headcount looks like from the inside. Compensation and benefits expense rose anyway, to $42.3 billion in 2025 from $40.2 billion the year before.
What surfaces publicly is much smaller than what moves. Our tracker holds 99 all-time filings under this company's name and, since the start of 2025, one filing covering 170 jobs in one state. That one is Elma. Reuters reported 150 junior banker jobs eliminated in the investment bank in March 2025, weeks after an annual performance review took about 1 percent of the workforce across investment banking and global markets, and none of that produced a state filing anywhere. In the consumer business, executives put current headcount at 55,000 against 101,000 in 2011.
Elma shows what it takes to force a filing. The operations center at 611 Jamison Road closed on June 24, 2026 as the lease expired, a fixed date and a whole site. Even then the bank's posture was redeployment first. It said everyone at the site was offered another position or could choose a severance package, and that "Affected employees who accept internal transfer opportunities prior to their separation date will not be separated as a result of this action." A law firm has since announced an investigation into whether the March 19, 2026 notice gave the full 60 days.
If you're inside one of these, start with your own paperwork rather than with what the bank said at Elma. That condition belonged to that closure, and whether anything like it reaches you is a question your written notice or offer answers. The annual report says more than 14,000 employees found new roles inside the company during 2025, so internal postings are a real market and worth working while you still have a badge. On terms, there's no general employee formula in the reporting we track, and the severance the company does set out sits in its proxy statement, covering named executive officers who hold no cash severance agreement at all. Whatever lands in your own agreement is the version that counts. To see what this company files when it files at all, our WARN filing tracker holds every row, and New York moved its own notices to a WARN dashboard in April 2025.
Reporting on previous Bank of America layoff rounds
June 2026, Elma operations center closure · 170 of the 252 jobs at the Elma, New York operations center, closed on June 24 as the building lease expired. The notice filed with the state named 172 affected; our tracker holds the round at 170.
Terms not published. Bank of America said all 252 people at the site were offered another position or a severance package, and that "Affected employees who accept internal transfer opportunities prior to their separation date will not be separated as a result of this action." A law firm opened a WARN Act investigation into the notice.
March 2025, investment banking cuts · 150 junior banker jobs eliminated in the investment bank, reported by Reuters through two people it didn't name, weeks after an annual performance review process took about 1 percent of the workforce across investment banking and global markets.
Terms not published. Reuters reported that most of the associates and analysts were to be offered roles outside investment banking, and that some opted to leave instead.
2023, the year the drift started · 1,000 jobs cut in April 2023 with another 3,000 planned by the end of June, taking headcount from 217,059 at March 31 toward an expected 213,000 for the quarter.
How Bank of America's layoffs compare to other companies
Across the six largest US banks, Banking Dive counted 1.09 million employees at the end of December 2025, 10,600 fewer than a year earlier and the lowest total since 2021. Bank of America's share of that arrives without announcements. There's no reduction target on record for it, and our tracker holds one filing since 2025 while the filed headcount moved anyway.
What to do after being laid off from Bank of America
- File for unemployment in the state where you worked. Benefits run from your filing date, and severance usually doesn't block you. Bank of America's biggest hubs: North Carolina, New York, Texas. Somewhere else? Every state is here.
- Apply for financial and hardship assistance. Unemployment supplements income, but food benefits, health coverage and utility help are often available as well. Here's some of what Bank of America's hub states run: North Carolina, New York, Texas, and every other state is here.
- Mind the health insurance window. Losing coverage opens a 60-day special enrollment period, and an ACA plan usually beats unsubsidized COBRA. Compare your options before the employer coverage lapses, and read how the COBRA clocks run if you are weighing it seriously.
- Get your real runway number. Severance plus savings divided by reality. The calculator takes five minutes.
- Know which clocks are already running. Severance review windows, COBRA election, visa grace periods, and 401(k) rollovers all run on federal deadlines that started at termination. All five deadlines are here.
Bank of America layoff and severance questions
What severance does Bank of America pay?
There's no general employee formula in the reporting we track. The severance terms Bank of America sets out in its proxy statement cover named executive officers, who hold no cash severance agreements at all and whose payouts can't pass twice salary and bonus without a shareholder vote. At the Elma closure in 2026, employees were offered a package whose terms weren't published. If you're handed an agreement, that document is the version that controls what you get.
Is Bank of America doing mass layoffs?
Not in the announced sense. Headcount sat at about 213,000 at the end of both 2024 and 2025 and about 211,000 by June 2026, and the CFO put the 2026 decline at roughly 1,070 people through attrition. Our tracker holds one filing since 2025, the Elma closure. Reductions like the 150 junior banking jobs in March 2025 reached the public through reporting, not through the company.
I work at a site Bank of America is closing. What are my options?
At Elma in 2026 the bank offered every employee another position or a severance package, and said anyone who accepted an internal transfer before their separation date wouldn't be separated by that closure. Nothing on record makes that a standing rule at other sites. So the document to work from is your own written notice or offer, read for the separation date and for any deadline attached to applying internally, because those dates are what your choices hang on.
How many jobs has Bank of America cut in 2026?
The CFO put it at about 1,070 people below year-end 2025 as of the April 2026 earnings call, all through attrition. The filings say the same thing another way, about 213,000 employees at the end of 2025 against about 211,000 at June 30, 2026. Our tracker holds one filing across that stretch, the 170 jobs at Elma.
Does Bank of America offer buyouts or voluntary separation?
No company-wide buyout program appears in the reporting we track. What's on record is narrower. At Elma every employee was offered another position or a package, and in March 2025 Reuters reported most affected junior bankers were to be offered roles elsewhere in the company, with some choosing to leave instead. The choice shows up attached to a specific closure or review rather than as a standing offer.
Where do I file for unemployment after being laid off from Bank of America?
In the state where you worked, not where the company is headquartered. Bank of America's biggest U.S. hubs are North Carolina, New York, Texas. Severance usually doesn't block you from filing, and benefits run from your filing date, so file the same week.
Is it OK to file for unemployment after a layoff at Bank of America?
Yes. Unemployment insurance is funded by payroll taxes employers pay on wages, the claim never appears on credit reports or background checks, and future employers cannot see it. If the hesitation itself is the obstacle, whether filing is OK has its own article.
What happens to my health insurance after a layoff at Bank of America?
Your plan sets the end date rather than the law, so the separation packet is where that date actually lives, and it is often the last day of the month rather than your last day of work. After coverage ends, COBRA lets you keep the identical plan by paying the whole premium yourself, up to 102 percent of what the plan really costs, which lands as several times the payroll deduction you were used to. You get 60 days to elect, counted from the later of coverage ending or the election notice arriving, and electing reaches the coverage back to the day the old plan stopped so no gap exists. How continuation coverage works walks the timing, and whether to take it rather than a marketplace plan is a separate decision.
Should I sign the severance agreement right away?
First pin down how much review time you actually have. If you're 40 or older, federal law gives you 21 days to consider an agreement that waives age claims, 45 in a group layoff, and a waiver signed under a shorter deadline can be invalid. If you're under 40, no federal window applies and the deadline in your packet may be real, so confirm it in writing and ask for more time if you need it. Use whatever window you have to read the release terms, especially non-disparagement and no-lawsuit clauses, and don't stall past a real deadline, because offers can be withdrawn.
Can I collect unemployment if I got severance from Bank of America?
Usually yes, though some states delay benefits until severance pay periods end, and lump sums are treated differently than salary continuation. Check your state's rules on our state benefit pages, and file immediately either way so your claim date is locked in.