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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 

Reuters

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

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