Bank of America Corp. (NYSE:BAC) issued layoff notices to 540 employees in its Gateway Village mortgage unit on Wednesday.

The jobs being cut, all located uptown, are related to the bank’s business unit serving customers with past-due mortgages, known as Legacy Asset Servicing, that are eligible for a modification or foreclosure.

“It’s a really difficult message because the fact that we’ve cut the need for that support thanks to these efforts and an improving economy is a good sign for our company‚Ķ