Bank of America BAC announces 1500 job cuts
The workforce reduction is part of a consolidation of more than 100 fulfillment centers. While BAC is reducing staff in these facilities, the bank will utilize at least 300 of the associates to work at the bank’s Legacy Asset Servicing division working on discontinued and delinquent loans to aid in the modifications of mortgages and work to prevent foreclosures. Additionally Bank of America is encouraging the workers to apply at other positions open at the company.
BAC had $2 billion in earnings during the first quarter which was about a third less than last year. The lack of liquidity in the financial sector has led to continual reductions in the mortgage market.
Overall the mortgage industry has cut a little over a quarter of a million jobs recently due to the decline in the mortgage market. In a similar move to Bank of America, Wells Fargo (WFC) announced last week that it was reducing its mortgage division staff by about 1900 employees.
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