According to Bloomberg, the worst is not over for Bank of America (BAC) mortgage employees, with the mega bank announcing plans to eliminate 2,100 jobs and close 16 mortgage offices as rising interest rates weaken loan demand.
The changes “reflect our ongoing efforts to streamline our facilities and align our cost structure with market realities,” said Terry Francisco, a spokesman for the Charlotte, North Carolina-based bank.
The lender targeted three offices in California as well as locations in Virginia, Washington, Texas and Ohio, according to employee discussions held last month, said the people. Some will be offered work elsewhere in the firm, the people said. Bank of America’s staff totaled more than 257,000 at mid-year.