09/09/2013 03:47 pm ET Updated Sep 09, 2013

Bank Of America To Cut 2,100 Jobs: Report


Bank Of America plans to cut 2,100 jobs, according to a tweet from Bloomberg News.

The job cuts are due to slowdowns in the mortgage refinancing industry that have led to the closure of 16 Bank Of America offices, according to the tweet.

According to a tweet by Bloomberg reporter Victoria Stilwell, the layoffs will occur before the end of next month:

Roughly 1,500 of the workers processed home loans for the bank , according to an anonymous source cited by Bloomberg. The bank's widespread job cuts come soon after an announcement in August that 209 positions would be removed from an office in Pittsburgh that dealt with troubled mortgages.

The bank cut 16,000 jobs last year due to persistently declining revenues. In 2011, it cut 30,000 jobs as part of a restructuring plan to reduce costs.


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