Bank Of America To Axe 2,100 Jobs

Bank of America Corp (NYSE:BAC) has announced plans to cut 2100 jobs and close 16 offices as the mortgage refinancing business drys up. The rise in mortgage rates across the United States and the subsequent slow down in mortgage refinancing was cited by the company as the reason for the job cuts and office closures.

The news was first reported by Bloomberg, who sourced people familiar with the matter. According to the article, Bank of America Corp (NYSE:BAC) plans to cut 1,500 staff who worked at processing mortgages, 400 who worked at a call center...