Bank of America to eliminate up to 4,000 mortgage jobs

The logo of the Bank of America is pictured atop the Bank of America building in downtown Los AngelesBy Peter Rudegeair (Reuters) – Bank of America Corp said on Thursday that it was cutting up to 4,000 mortgage jobs as fewer borrowers refinance, and fewer home loans go bad. The layoffs are the latest round of job cuts at major banks as rising mortgage rates cut into demand for refinancing home loans. Wells Fargo & Co , JPMorgan Chase & Co and Citigroup Inc. have announced thousands of layoffs among them in recent months. At Bank of America, the third largest U.S. mortgage lender, about 1,200 employees were notified this week that they would be terminated. …



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