Bank of America Corp. on Thursday provided new details on 3,000 planned job cuts, saying it will eliminate 700 of the positions in the wholesale mortgage business. The Charlotte bank informed affected employees Thursday. Processing centers in Dallas; Richmond, Va.; and two California cities — Brea and Rancho Cordova — will be the hardest hit. The rest of the cuts are spread around the country, including a “handful” in Charlotte and the Carolinas, a spokesman said.
In the wholesale mortgage area, Bank of America issued loans through a network of 7,000 independent mortgage brokers. The company will exit that business and instead focus on making loans directly to customers through branches, call centers and over the Internet.