Layoffs

The 65 people laid off in late February is only the beginning, report says; Bank of America CEO also tackles mortgages, the economy and gender issues.

The company will shutter the offices it inherited when it bought EverBank in 2017 and focus on lending to existing customers through digital channels. U.S. Bank will assume the leases on about 25 properties.

HomeStreet Bank will attempt to sell its stand-alone mortgage business and portfolio of servicing rights, a move that comes amid growing pressure from an activist investor to exit home lending and concerns about declining demand and regulatory challenges.

State Street Corp. said it’s laying off 1,500 staff as part of a plan to reduce costs.

The online student lender said it is reallocating some jobs and "sunsetting" others.

New CEO Ronald O'Hanley is pushing to reduce expenses, automate more functions and simplify the organizational structure.

Last week the car manufacturer said it would cut jobs and close factories. Now credit unions in the affected areas are considering how the news will affect their members and themselves.

Moelis submits a revised Fannie/Freddie blueprint; FASB considering a plan to have banks break out charge-offs and recoveries on year-by-year basis; Wells Fargo layoffs begin with 1,000 jobs in mortgage and tech; and more from this week's most-read stories.

Wells Fargo will lay off 1,000 workers primarily from its mortgage unit in the first major round of a previously announced plan to cut the bank's workforce by as much as 10% over the next three years.

JPMorgan Chase is eliminating 400 positions in its mortgage banking unit, the latest lender to trim staff as a result of lower-than-expected demand in 2018.