NEW YORK ( TheStreet) -- Along with first quarter earning revenue declines, many banks are announcing layoffs and restructurings of business units.
Bank of America (BAC) is laying off 1,500 loan processors and underwriters as it closes 200 of its small loan fulfillment centers. The layoffs come as the bank expects its mortgage loan volumes to drop by 25 percent this year from last and it looks to cut its expenses.
Layoffs in the centers have already commenced. In California 128 employees were notified of layoffs in April, according to the Los Angeles Times. The bank also laid off 34 people in Saratoga Springs, in an effort to close the facility in July, according to The Business Review.In addition the bank is laying off 2,000 contractors, according to The Wall Street Journal. The bank cut 12 technology and operations jobs in Charlotte, N.C., according to The Charlotte Observer. The bank also cut its partnership with 157 First Data Technologies employees that were working in a Banc of America Merchant Services' Louisville call center , according to Business First. Bank of America has been trimming jobs in its consumer and small business units as part of a wider restucturing.
To contact the writer of this article, click here: Maria Woehr. To follow the writer on Twitter, go to http://twitter.com/newsgirlmw. To submit a news tip, send an email to: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV