Bank of America quits wholesale mortgage business
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Bank of America Corp  on Thursday said it will stop offering home mortgages through brokers by the end of the year, resulting in a loss of 700 jobs, so that it may focus on lending directly to consumers.
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Bank of America officials confirm they laid off an unspecified number of employees at hundreds of Fleet Bank branches, a byproduct of the merger of the two banks.
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Shares down after company shutters home lending operation.
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CHARLOTTE, N.C.  -- Bank of America Corp. said Thursday that it plans to cut about 2.5 percent of its work force, eliminating about 4,500 jobs as part of a restructuring following its acquisition of FleetBoston Financial Corp. last spring.
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CHARLOTTE, NC Oct. 7, 2004 - Bank of America Corp. said Thursday that it plans to cut about 2.5 percent of its work force, eliminating about 4,500 jobs as part of a restructuring following its acquisition of FleetBoston Financial Corp.
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Bank of America Corp. , the No.  2 U.S. bank, on Friday said Chief Financial Officer Alvaro de  Molina will resign at year end after just 16 months in the job.
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The chief executive and chief financial officer of America's largest mortgage company resign after accounting irregularities are uncovered.
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Bank of America agrees to acquire struggling mortgage firm Countrywide Financial, which has been hit by the credit crisis.
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Sovereign Bancorp. said yesterday it will cut 800 jobs, 77 of them locally, from its workforce of almost 9,000 and close most of its wholesale mortgage operation in an effort to slash costs by $100 million annually.
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Bank of America Corp. said yesterday it will eliminate 4,500 more jobs as it absorbs the operations of FleetBoston Financial Corp.
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The mortgage lending crisis deepened  on Tuesday, as Impac Mortgage Holdings Inc  said it will  quit most lending activities, while Accredited Home Lenders  Holding Co  posted a big quarterly loss and said its  survival remained in doubt.
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Bank of America Corp. yesterday laid off hundreds of workers at Fleet bank branches across the Northeast as the North Carolina bank began to implement its brand of ...
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Bank of America Corp. yesterday laid off hundreds of workers at Fleet bank branches across the Northeast as the North Carolina bank began to implement its brand of customer service on the institution it purchased for $48 billion in April. The changes signal a shift toward a heavier reliance on part-time tellers, which would improve customer service during peak hours ...
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In a move that will shed 1,300 jobs, Lehman Brothers said it would stop wholesale mortgage lending amid a continued slump in credit and housing.
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Countrywide Financial Corp. ,  the largest U.S. mortgage lender, on Friday told its brokers to  stop offering borrowers the option of no-money-down home loans,  according to a document obtained by Reuters.
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Bank of America Corp., the third- biggest US bank, will cut 4,500 jobs in addition to the 12,500 positions it will eliminate as part of the purchase of FleetBoston Financial Corp.
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Freddie Mac (FRE.N: Quote, Profile, Research) , the No. 2 US mortgage finance company, on Monday said it will shutter its broker-dealer business unit in a step