Bank of America is expected to cut 2,100 jobs because demand for mortgage loans has declined as interest rates have climbed, Bloomberg News Hugh Son reports citing two unnamed sources familiar.
As part of this round of cuts, the bank is expected to close down 16 mortgage offices, the report said.
Bank of America isn’t the first to shed mortgage jobs in recent weeks.
Wells Fargo also said it would cut 2,300 jobs.
Business Insider Emails & Alerts
Site highlights each day to your inbox.