- After new loans fell short of internal forecasts, Bank of America (BAC) is cutting 450 jobs from West Coast offices, reports Bloomberg. A bit of a switch - last year's series of mortgage job cuts were about the big slowdown in refinance business, but these cuts supposedly affect those who process new home loans.
- In the bank's most recent quarterly report it disclosed Q4 originations of $11.6B fell 49% from a year earlier.
- Perspective: The bank employs about 242K.
at CNBC.com (Nov 19, 2014)