Bank of America is planning to cut 2,100 jobs and close 16 mortgage offices because higher interest rates have reduced demand for home loans, Bloomberg News is reporting.
Some 1,500 of those affected helped process home loans and 400 worked in a Cleveland-area call center, Bloomberg reported. Two hundred dealt with overdue mortgages, it said. Offices in California, Virginia, Texas and Ohio are also among those affected, according to the report.
The cuts are to be completed by Oct. 31, Bloomberg said, citing two people with direct knowledge of the details.
The changes "reflect our ongoing efforts to streamline our facilities and align our cost structure with market realities," BofA spokesman Terry Francisco said, according to Bloomberg.
This version corrected Bank of America's ticker symbol.