Bank of America to eliminate thousands of mortgage jobs

10/24/2013 // West Palm Beach, Florida, US // JusticeNewsFlash // Justice News Flash // (press release)

US – Bank of America is reportedly set to cut approximately 3,000 mortgage jobs. As reported by the Associated Press (AP), the banking giant is expected to eliminate the jobs by the end of the year due to a decline in the number of refinancing applications and troubled loans.

A spokesman for the company Terry Francisco has stated that 1,200 employees had been laid off this week. According to Francisco a number of the cuts impact contractors that had been hired during peak demand.

The changing market and economic recovery have led to several lenders cutting mortgage related jobs in addition to Bank of America including Wells Fargo and SunTrust Banks Inc.

Bank of America is the second largest bank in the nation.

This report is provided by Justice News Flash – US News

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