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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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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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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Bank of America Corp. said Thursday it will cut about 4,500 jobs, or about 2.5 percent of its work force, beginning this month as a result of its merger with FleetBoston Financial Corp.
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Sovereign Bancorp Inc. is reportedly on the brink of cutting several hundred jobs and closing its wholesale mortgage banking unit, the first major change at the bank since veteran Boston executive Joseph P. Campanelli took the helm in October.
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Job cuts at European investment banks are set to accelerate, suggesting the sector is not too optimistic on revenues and is feeling the pressure to boost returns by clamping down on costs.
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Capital One says it expects to cut 2,000 jobs - about 7% of its workforce - as it battles rising competition.
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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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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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IndyMac Bancorp is the latest US mortgage lender to announce job cuts as the credit crunch continues to bite.
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STUNNED Abbey National staff will be told today that 4,500 jobs could be axed within three years if Spain - s Banco Santander emerges victorious from its bruising 8.2 billion bid battle for the UK mortgage ...
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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. BAC.N on  Thursday said it would increase the number of jobs it will cut  by 36 percent to 17,000 after its acquisition of FleetBoston  Financial as it simplifies operations.
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Bank of America plans to move an additional 300 jobs from its Wealth and Investment Management businesses to Boston. The bank was sharply criticized after it cut jobs at former Fleet branches in Massachusetts.
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LOS ANGELES -- Struggling lender Countrywide Financial Corp. said Friday it will cut as many as 12,000 jobs as it struggles to deal with challenging conditions in the mortgage industry.
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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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Bank of America Corp., which operates 25 branches in San Antonio, plans to cut about 2.5 percent, or 4,500 jobs, from its work force.