Bank of America to move hundreds of real estate employees to CBRE and JLL

As Bank of America Corp. (NYSE:BAC) outsources more work to CBRE and JLL, the world’s two largest real estate services firms, hundreds of employees within the bank’s corporate real estate group will also be moving over to those companies.

The move will affect a few hundred employees within the bank’s corporate workplace group, spokeswoman Jennifer Darwin says. The majority of those employees will be offered positions at CBRE (NYSE:CBG) or JLL Inc. (NYSE:JLL), depending upon their location. The bank recently tapped JLL to handle its commercial real estate portfolio in the Southeast, and JLL also handles the bank’s portfolio in the Western U.S., Canada and India.

CBRE handles BofA’s Northeastern portfolio, its international real estate and its critical facilities (data centers) around the world.

Those bank employees will transition to the real estate companies by Sept. 1, but the positions they’re offered at CBRE and JLL may vary from their current roles at the bank, Darwin says. BofA will work to assist any employees who are not offered positions in finding new opportunities within the bank, CBRE or JLL, she says.

The corporate workplace group is overseen by Patty Clement, global corporate services executive. Other top executives within the group include Rob Vail and Lynne Rieger.

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