Bank of America (BofA) is, reportedly, laying off 450 mortgage jobs from the West Coast offices in the US, as the new loans did not meet the expected target.
According to people familiar with the matter, affected employees were workers who processed new home loans, and locations that will lose workers include office in Concord and Pasadena office, which will be closed completely.
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The people said affected employees will receive salaries of two months and will be eligible for severance pay afterward.
Around ten jobs will also be lost at its Oregon’s mortgage division and unspecified number in Charlotte region of North Carolina.
The latest job cut is the fourth time in a year by BofA, following the fall in demand of home loans.
BofA spokesman, Dan Frahm, said they are still hiring in non-mortgage areas, and some employees will find jobs in other parts of the firm.
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By GlobalData"These notifications have been ongoing and reflect our previously announced efforts to reduce our size, resolve legacy issues and simplify our company," Frahm added.
