BofA Cuts Jobs as Mortgage Slump Traps JPMorgan, Wells Fargo
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Mortgage lenders including Wells Fargo & Co. and JPMorgan Chase & Co. that feasted on refinancings as interest rates reached all-time lows are now warning that the drop in demand may be steeper than expected.
Even Bank of America Corp., which fell to fourth in U.S. mortgages last year as it scaled back after buying Countrywide Financial Corp., is reducing capacity further as surging interest rates crimp demand. The Charlotte, North Carolina-based firm is eliminating 2,100 jobs and closing 16 offices by Oct. 31, said two people with direct knowledge of the plan.