Bank of America cutting more mortgage jobs

|About: Bank of America Corporation (BAC)|By:, SA News Editor

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.