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.
Bank of America said to cut 2,100 jobs as slowdown in mortgage refinancing leads to shuttering of 16 offices: sources
— Bloomberg News (@BloombergNews) September 9, 2013
According to a tweet by Bloomberg reporter Victoria Stilwell, the layoffs will occur before the end of next month:
BofA said to cut 2,100 mortgage-related jobs by Halloween as higher interest rates discourage refinancing: http://t.co/WROFMR9ZMV
— Victoria Stilwell (@toristilwell) September 9, 2013
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.