TV News LIES

Monday, Jan 22nd

Last update05:20:13 AM GMT

You are here News Economy Bank of America Said to Cut 2,100 Jobs in Mortgage Slump

Bank of America Said to Cut 2,100 Jobs in Mortgage Slump

E-mail Print PDF

Bank of AmericaBank of America Corp., the second-largest U.S. lender, will eliminate about 2,100 jobs and shutter 16 mortgage offices as rising interest rates weaken loan demand, said two people with direct knowledge of the plans.

About 1,500 of the workers helped process home loans, said one of the people, who asked for anonymity because while affected employees were notified on Aug. 29, the scope of the plans hadn’t been publicly announced. About 400 worked in a suburban Cleveland call center, and 200 dealt with overdue mortgages, the person said. The reductions are scheduled to be completed by Oct. 31, the people said.

Mortgage lenders are paring staff as higher interest rates discourage refinancing and cast doubt on how long the housing market rebound will last. Wells Fargo & Co., the biggest U.S. home lender, plans more than 2,300 job cuts, and JPMorgan Chase & Co. may dismiss 15,000. Bank of America’s pending home loans fell 5 percent at the end of June from the previous quarter.

The changes “reflect our ongoing efforts to streamline our facilities and align our cost structure with market realities,” said Terry Francisco, a spokesman for the Charlotte, North Carolina-based bank.

More...


Most Recent Related Stories...


Stocks Fall on Report China Could Slow or Halt Investments in U.S. Debt

Stock xchangeStocks declined on Wednesday, Jan. 10, the dollar slumped and bond yields spiked to a 10-month high...

U.S. trade gap soars as imports from China hit record high

trae deficit soars The U.S. trade deficit jumped 8.6 percent in October as imports from China and other suppliers...

World’s Wealthiest Billionaires Got Nearly $1 Trillion Richer In 2017: Bloomberg

money goes to moneyThe rich aren’t just getting richer — they’re getting much, much richer. Citing its Billionaires Index, Bloomberg...

The GOP tax plan could negatively affect your Social Security benefits

Tax reform? No, tax CUTS for the wealthy!Without a guaranteed monthly stipend, the number of seniors living below the federal poverty level could...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!