DURHAM – IBM is laying off more than 300 people at a subsidiary in Durham after the sale of a subsidiary.
In a notice filed with the state, IBM said Thursday that 310 people will lose their jobs at Seterus, a company focused on mortgage services.
IBM’s Senior State Executive Timothy Humphrey said in the notice that Seterus would shut the Durham operation.
The layoffs will take effect in March, according to the notice.
The closure of the site, listed with an address of 3039 Cornwallis Road, Durham, is permanent.
More details can be found in the filing online.
Mr. Cooper Group and IBM announced the sale of Seterus on Jan. 3.
“IBM acquired the Seterus mortgage servicing business in the wake of the 2008 financial crisis to help a client manage a broad mortgage portfolio, including high risk loans,” IBM said in a statement.
“IBM was successful in the mortgage servicing work, and the portfolio is now much more stable. The time is now right to divest this business to a mortgage servicing specialist, whose domain-specific expertise and scale can further advance this business.”
Financial terms of the deal were not disclosed.
IBM employs several thousand people at its campus in Research Triangle Park and across North Carolina.
