Skip to comments.BofA Said to Cut 450 More Mortgage Jobs as Loan Demand Declines
Posted on 02/14/2014 6:28:57 PM PST by massmike
Bank of America Corp., the second-largest U.S. lender, is cutting 450 mortgage jobs from West Coast offices after new loans fell short of internal forecasts, said two people with direct knowledge of the plans.
Affected employees were told yesterday about the eliminations, which involve workers who process new home loans, said the people, who asked for anonymity because the dismissals are private. California offices that will lose workers include one in Concord, and another in Pasadena that will be shut entirely, said the people.
Bank of Americas latest round of cuts is at least the fourth time in a year that the lender trimmed personnel because of falling loan originations.
Previous dismissals by the Charlotte, North Carolina-based bank were announced in August, October and January, said one of the people. The firm cut about 3,000 employees involved in making home loans in the last three months of 2013 and 3,000 in the legacy-assets servicing unit, a person with knowledge of the plan said last year. Bank of Americas staff totaled about 242,000 as of Dec. 31.
(Excerpt) Read more at moneynews.com ...
Winter of Recovery?
If this is recovery,what the hell was the disease like?
I don’t believe any government economic statistics today. For that matter, I don’t trust anything I see on the news anymore.
Well now, will B.O.A. have to swear to the I.R.S. that these job cuts weren’t due to obungholecare?
ROFLMAO!!! Good question. ;-)
Those people are now free to pursue their dreams without having to worry about health care because Obamacare is here to serve them!
I don’t know about nation wide, but at least here in Dallas all of the Bank of Amigos branches that I have seen have closed their drive thru teller services and replaced them with more ATMs.
That’s a direct response to Obamacare. Make low end service jobs more expensive for a company? Increasing automation is an obvious management response. Expected. But not to these Dem idiots in Washington
I can tell you from personal experience Bof A managers think they are expanding with mortgages etc. I was told a small brokerage firm in every local branch not 2 days ago.
Of course home sales are skyrocketing. A lot if it is due to the refi market tanking but still all those home sales should make up for it. :-)
I have a BOA mortgage (15 years) which is paid down to a ratio of 68/32 (principle/interest) payments and I have been receiving a flood of refi letters over the past 5 years.
The other day I received a FEDEX overnight mailer and couldn’t imagine what was so important as to have it mailed via express mail.
Guess what? It enclosed the standard refi letter that I always receive. That explains why their desperation to refi even includes spending money for an overnight sales pitch.
Yeh, Chase sends me one of those refi letters via UPS every month.