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Bank of America's expenses still far exceed those of JPMorgan Chase and Wells Fargo, so analysts were clearly disappointed Thursday when CEO Brian Moynihan failed to outline any specific plans for further lowering overhead.
January 15 -
A reported $12 billion settlement with federal and state authorities could force Bank of America to take a charge eating up most of its second-quarter profits. After that, the bank may finally get to move on.
June 6 -
Wells Fargo (WFC), the nation's largest mortgage lender, plans to eliminate 700 more jobs as fewer borrowers are looking to refinance their mortgage loans.
February 27 -
Bank of America has agreed to pay $7.65 million to settle charges that it overstated its capital levels because of incorrect accounting from its 2009 acquisition of Merrill Lynch.
September 29
Bank of America has reportedly laid off another 250 mortgage employees in Charlotte.
The jobs eliminated were reportedly in Bank of America's Legacy Asset Servicing business, which provides services to customers at risk of foreclosure. This business unit was created in February 2011 to handle 1.4 million home loans in default, many of them subprime loans originated by Countrywide, the home lender B of A purchased in 2008.
The job cuts were first reported by WSOC-TV in Charlotte on Wednesday. Bank of America did not return phone calls or emails from American Banker to confirm the layoffs.
Bank of America's Legacy Asset Servicing division initiates foreclosure proceedings and deals with investors who want to buy back troubled mortgages. But with fewer individuals now at risk of facing foreclosure, the $1.5 trillion-asset company has been trimming staff. Last summer, Bank of America cut 540 mortgage jobs from its LAS division. This affected nearly two-thirds of the division's workers in the Charlotte area.
Bank of America was said to have had 26,400 employees in its LAS division as of the first quarter of 2014. At its peak, there were 59,000 workers and contractors.
