According Bloomberg, Bank of America (BAC) cut 450 mortgage jobs from West Coast offices after new loans fell short of internal forecasts.
Affected employees were told yesterday about the eliminations, which involve workers who process new home loans, said the people, who asked for anonymity because the dismissals haven’t been made public. California locations that will lose workers include an office in Concord, and another in Pasadena that will be shut entirely, the people said.
“These notifications have been ongoing and reflect our previously announced efforts to reduce our size, resolve legacy issues and simplify our company,” said Dan Frahm, a spokesman for Bank of America. The lender is still hiring in non-mortgage areas, and some employees will find jobs in other parts of the firm, he said.