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.
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