Bank Of America To Cut 2,100 Jobs: Report

Report: Bank Of America To Cut 2,100 Jobs
In this Tuesday, July 16, 2013 photo, a customer uses a Bank of America ATM in downtown Charlotte, N.C., A federal judge has struck down a rule setting a cap on the fees that banks can charge merchants for handling debit card purchases, saying the Federal Reserve didn't have the authority to set the limit in 2011. (AP Photo/Chuck Burton)
In this Tuesday, July 16, 2013 photo, a customer uses a Bank of America ATM in downtown Charlotte, N.C., A federal judge has struck down a rule setting a cap on the fees that banks can charge merchants for handling debit card purchases, saying the Federal Reserve didn't have the authority to set the limit in 2011. (AP Photo/Chuck Burton)

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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