GO
Loading...

Enter multiple symbols separated by commas

Bank of America to cut 2,100 jobs as loan demand weakens

Scott Eelis | Bloomberg | Getty Images

Bank of America plans to eliminate nearly 2,100 jobs and close 16 mortgage offices due to weak loan demand, Bloomberg reported Monday.

Sources with direct knowledge of the plans said 1,500 of the employees process home loans and about 200 deal with overdue mortgages.

The changes "reflect our ongoing efforts to streamline our facilities and align our cost structure with market realities," BofA spokesman Terry Francisco said.

BofA, the second-largest U.S. lender, staff totaled more than 257,000 at mid-year. The reductions are expected to be completed by the end of October, Bloomberg reported.

Click here to read the full story on Bloomberg.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • CEO discuss the 'Buffett factor'

    John Stumpf, Wells Fargo chairman & CEO; Kenneth Chenault; American Express chairman & CEO; Ginny Rometty, IBM chairman & CEO; and Muhtar Kent, Coca-Cola chairman & CEO, discuss their relationships with Warren Buffett and marvel at just how easy it's been to communicate with him.

  • Rometty on Watson: He never stops learning

    IBM CEO Ginny Rometty talks Watson, and how it's going to help people make decisions. It never stops learning, she says. Rometty also discusses the company's dividend.

  • Why Buffett bought more IBM

    Berkshire CEO Warren Buffett addresses his purchase of more IBM shares and allegations of predatory lending at Clayton Homes.