More job cuts expected in mortgage banking
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The pace of job losses in mortgage lending slowed in December, as some companies shifted workers to other areas of financial services, but the losses may pick up again in the new year as the U.S. housing market continues to weaken and credit remains tight.
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Bank of America said Thursday that it would cut an additional 4,500 jobs from its work force, increasing the number pared since its acquisition of FleetBoston Financial by 36 percent, to 17,000.
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Countrywide, the biggest US mortgage lender, will cut up to 20% of its staff, as business slumps.
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Deutsche Bank is streamlining the management of its investment banking arm, raising fears that jobs may be lost in the City. The German bank is reducing the number of executives running its investment banking
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Bank of America said today it will cut about 2.5 percent of its work force beginning this month as a result of its merger with FleetBoston.
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Morgan Stanley  on Wednesday said it will eliminate 1,000 jobs as it scales back its U.S. residential mortgage operations and closes its British residential mortgage lending business, Advantage Home Loans.
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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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Countrywide Financial Corp, the largest U.S. mortgage lender, said on Friday it plans to cut 10,000 to 12,000 jobs to cope with weak housing demand, rising foreclosures and tightening credit markets.
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Bank of America Corp. said Thursday it will cut an additional 4,500 jobs, or 2.5 percent of its work force, beginning this month as a result of its merger with FleetBoston Financial Corp.
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CHARLOTTE, NC - Bank of America said Thursday it will cut about 4,500 jobs beginning this month as a result of its merger with FleetBoston Financial Corp.
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At a Senate Banking Committee hearing yesterday, legislators and consumer advocates prodded federal banking regulators to move more quickly to put restrictions on non-traditional mortgage lending, because, they said, the new kinds of mortgages may place borrowers and lenders at financial risk.
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Employers cut 4,000 jobs in August, the first time in four years that monthly hiring contracted, the government said on Friday in a report certain to boost pressure on Federal Reserve policy makers to cut interest rates.
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The Bank of America Corporation said yesterday that it would cut an additional 4,500 jobs from its ranks, beginning this month, as it simplifies operations.
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The mortgage lender IndyMac Bancorp said that it would cut its work force by 24 percent.
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Investment bank Lehman Brothers Holdings Inc  on Thursday said it would stop wholesale mortgage lending amid a continued slump in credit and housing markets, a move that will impact 1,300 jobs and result in a $40 million charge.
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Germany's leading bank, Deutsche Bank, is to tell its employees next week of plans to cut some 2,000 jobs to increase profitability, according to a report.
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BOSTON -- Bank of America, which was sharply criticized after it cut jobs at former Fleet branches here, said Friday it plans to move an additional 300 jobs from its Wealth &amp; Investment Management businesses to Boston.