Bank of America to cut over 3000 mortgage jobs

Bank of America, one of the largest banks in the US, will lay off more than 3,000 workers in its mortgage division in the fourth quarter, according to several reports. According to The Wall Street Journal, this week the bank told about 1,200 workers they’d be let go. They included servicers in the legacy mortgage division, as well as mortgage processors who work in new loans. "In line with the industry, we are realigning our cost structure in response to lower customer demand for mortgage refinancing. We are working with employees to identify opportunities both inside and outside the bank," said an official spokesperson for the bank.