Bank of America (BAC) is slashing approximately 1,000 jobs within its Beachwood, Ohio-based mortgage and consumer banking unit.

The employees were told they will lose their jobs on Oct. 31. The Plain Dealer has more:

"Compared to peak levels in 2011," Francisco of Bank of America said in a statement, "today we have fewer than one-third the number of customers who need the specialized programs and support of this team. These actions also reflect our ongoing efforts to streamline our facilities and align our cost structure with market realities." 

3d rendering of a row of luxury townhouses along a street

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