Bank of America is cutting 450 mortgage jobs from West Coast offices after new loans fell short of internal forecasts. Affected employees were told about the eliminations, which involve workers who process new home loans. California locations that will lose workers include an office in Concord, and another in Pasadena that will be shut entirely. It’s at least the fourth time in a year that the bank has trimmed personnel amid slack demand for home loans. Retail originations sank 49% to $11.6 billion in the fourth quarter. Other banks including JPMorgan Chase & Co and Wells Fargo & Co have also been dismissing people as higher interest rates discourage the refinancings that banks relied on to fuel profits.
Click to comment
