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