Laid off from Bank of America.
Bank of America shrinks the quiet way. Headcount drifted from about 218,000 to roughly 213,000 during 2023 and stayed there, with almost no WARN filings, until a lease expiring in Elma, New York forced one in 2026.
At a glance
What's been reported about Bank of America severance packages
- About 218,000 down to 213,000 · Headcount, over the course of 2023
- 170 roles · Elma, New York WARN filing, March 2026
- Internal roles or severance, all 252 · Offered at Elma, per the bank
- One · WARN filings since 2025, our tracker
Recent Bank of America layoffs
The Elma operations center closes, and the quiet shrink gets a filing
Bank of America announced in April 2026 it would close its Elma, New York operations center in June as the building's lease expired. The state filing covered 170 roles, and the bank said all 252 people at the site were offered other internal positions or a severance package.
Previous rounds
Bank of America layoff history
Bank of America's stated approach under its long-tenured CEO has been to manage headcount through attrition rather than announced rounds, and the numbers back the description. The bank went from about 218,000 people in January 2023 to roughly 213,000 by December while still hiring in the thousands, meaning attrition outran recruiting by design, and it has projected lower headcount again for 2026, all almost entirely without WARN filings. Our tracker holds a single Bank of America filing since 2025.
The Elma closure shows what finally forces a filing. The building's lease expired and the landlord planned to expand into the space, which meant a full site closure with a fixed date, exactly the shape of event WARN law was written for. Even then, the bank's posture was redeployment-first, with all 252 employees offered internal roles or severance.
If you're affected at Bank of America, the internal-mobility offer is usually genuine, and taking a posted role preserves tenure and benefits in a way severance never does, so search seriously inside before deciding. If you take the package instead, the agreement's terms are individually issued against an unpublished formula, which means the review windows, and for those 40 and older the 21-to-45-day federal consideration period, are your negotiating room.
Previous Bank of America layoff rounds
June 2026, Elma closure · 170 WARN-filed roles at the Elma operations center, about 252 staff at the site overall, closed as the lease expired
Formula not published. The bank said everyone at the site was offered another internal position or a severance package. A law firm has opened a WARN Act investigation into the notice.
2023 through 2025, attrition era · Roughly 5,000 net positions during 2023 with no mass-layoff announcements, managed through attrition and selective performance exits, with headcount roughly flat through 2024 and 2025
Not applicable. Individual exits carried individual terms, none published.
How Bank of America has compared
Citi published a target and JPMorgan runs scheduled rounds. Bank of America publishes nothing and drifts smaller through attrition, which is why it has one filing in our tracker since 2025 while peers have dozens. The absence of filings is the strategy, not the absence of shrinkage.
Bank of America layoff and severance questions
What severance does Bank of America pay?
The bank hasn't published a formula. At the Elma closure it said everyone could choose another internal role or a severance package without disclosing terms. Whatever you're offered arrives as an individual agreement, and that agreement is the only version that counts.
Is Bank of America doing mass layoffs?
Not in the announced sense. Headcount fell by roughly 5,000 during 2023 through attrition and small exits, with one WARN filing in our tracker since 2025, the Elma site closure. That's a deliberate contrast with peers that announce targets or scheduled rounds.
I work at a site Bank of America is closing. What are my options?
At Elma the bank offered every employee an internal role or severance, and site closures come with 60 days of WARN notice, which is your window to apply internally, compare the package, and file for unemployment the week employment actually ends.
Where do I file for unemployment after a Bank of America layoff?
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.
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.
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.
- Find out in writing how long you have to review the severance agreement. At 40 or older, federal law guarantees 21 days, 45 in group layoffs. Under 40, the packet's deadline may be real, so ask for time rather than assume. Read our severance breakdown first. The clauses matter more than the number.
- 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.
- 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.