TV News LIES

Monday, Jul 16th

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...


Trade war: Trump again threatens China with $200B in new tariffs

Trump threatens new tariffs on ChinaLast week, the United States formally imposed $34 billion in tariffs on Chinese products and Beijing...

Harley-Davidson to move some motorcycle production out of U.S. after EU tariffs

Harley Davidson to move some plants out of US Harley-Davidson plans to shift a portion of its U.S. motorcycle manufacturing capacity to foreign markets after...

Donald Trump raises stakes as US-China trade war begins

Donald Trump starts trade war with China Donald Trump has threatened to impose tariffs worth hundreds of billions of dollars on Chinese imports...

Allies line up to impose retaliatory trade tariffs on US

Allies retaliate tariffs Turkey and India announced on Thursday retaliatory tariffs worth hundreds of millions of dollars on goods...
 
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!