In the News

Bank of America / To cut 3,000 mortgage jobs

Bank of America Corp is looking to cut 3,000 mortgage jobs before the end of the year to cope with declines in refinancing and in its portfolio of delinquent home loans, according to the Wall Street Journal.

About 1,200 mortgage employees received notice that their position would be eliminated on Thursday, the newspaper said, citing people familiar with the matter. A majority of the 3,000 cuts will come from temporary contractors, though full-time employees will also be laid off, the newspaper said.

A Bank of America spokesman did not immediately respond to a request for comment.

The second-largest U.S. bank laid off more than 9,000 full-time employees in the third quarter. Finance chief Bruce Thompson said on an Oct. 16 conference call with analysts that the reductions were concentrated in the unit that collects payments on current and delinquent home loans, the unit that makes new home loans, and in many of the bank’s branches.

Chosen excerpts by Job Market Monitor. Read the whole story at 


via Bank of America to eliminate 3,000 mortgage jobs -WSJ.

Related Posts

ank of America / To lay off thousands in mortgage business


Layoffs at Bank of America Corp’s mortgage business will amount to about 2,100 positions, a source told Reuters on Monday, in response to weak refinancing activity. The downsizing reflects the second-largest U.S. bank’s “ongoing efforts to streamline our facilities and align our cost structure with market realities,” Bank of America said in a statement in … Continue reading »

Offshoring / Bank of America Moving Home Mortgage Jobs To India

POSTED BY  ⋅ JUNE 28, 2013 ⋅ 1 COMMENT

Bank of America (BAC) opened a unit in India to review home-valuation reports as it seeks to rebuild share in U.S. mortgages at a lower cost Continue reading »

Bank of America – A New Round of Layoffs

POSTED BY  ⋅ JULY 11, 2012 ⋅ 14 COMMENTS

Bank of America Corp (BAC: 7.64, +0.16, +2.12%) has been cutting jobs in its commercial banking unit in recent weeks even as it tries to boost the group’s business, people familiar with the situation said, reflecting the bank’s broader struggles to grow in a tepid economy. The job cuts are the latest round in the … Continue reading »

Bank of America | More Than 300 Job Cuts


Bank of America Corp. (BAC), the second- largest U.S. lender, plans to cut more than 300 jobs from corporate and investment banking and trading units run by Thomas K. Montag as underperformers are culled from its ranks, according to a person briefed on the matter. The firm will target workers on desks where business has … Continue reading »

Bank of America to freeze pension plan


Bank of America announced plans Thursday to freeze pension plans, effective in July, and increase its 401(k) contributions instead. Eligible employees will keep the pension benefits that they’ve earned to date but will not receive additional benefits, Bank of America (BAC, Fortune 500) spokesman Scott Silvestri said. The company will instead begin making an additional … Continue reading »

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Jobs – Offres d’emploi – US & Canada (Eng. & Fr.)

The Most Popular Job Search Tools

Even More Objectives Statements to customize

Cover Letters – Tools, Tips and Free Cover Letter Templates for Microsoft Office

Follow Job Market Monitor on

Enter your email address to follow this blog and receive notifications of new posts by email.

Follow Job Market Monitor via Twitter



%d bloggers like this: