Posted by 101livescan on 9/10/13 8:09am
Msg #483905

Bank of America Cuts/Closures

B of A Said to Cut 2,100 Jobs as Mortgage Slump Shuts 16 Offices
By Bloomberg News

Bank of America will eliminate about 2,100 jobs and shutter 16 mortgage offices as rising interest rates weaken loan demand, said two people with direct knowledge of the plans.

Reply by Larry/IL on 9/10/13 8:17am
Msg #483907

Bad times ahead for NSAs, Chase may cut 15,000 jobs

That same Bloomberg article stated chase may cut 15,000 jobs.

http://www.bloomberg.com/news/2013-09-09/bank-of-america-said-to-cut-2-100-jobs-in-mortgage-slump.html

Reply by 101livescan on 9/10/13 8:26am
Msg #483909

Re: Bad times ahead for NSAs, Chase may cut 15,000 jobs

Out of tarp money, lots of failed modification loans in default. More foreclosures on the horizon. Will be interesting...

Only the fittest will survive this cruise.

Reply by MW/VA on 9/10/13 9:40am
Msg #483928

This should come as no big surprise. IMO BofA really

messed up with getting involved in the mortgage business. It seems they just continued on the road CountryWide was on.

Reply by ME/NJ on 9/10/13 8:35am
Msg #483910

Welcome to 2008 all over again

To be honest, BOA did everything they could to delay or deny loans no biggie. Chase on the other hand has been doing tons of work.

Gotta love media spin on things unemployment down, well when you stop getting checks you fall off the numbers plus under paying and pt jobs are the bulk of what is available to most people. With Obama care going into place companies are slashing staff or making them pt now. 5 cities in NJ said they would increase pt workers to avoid Obama care. Plus they still don't know how to fund it yet.

I've seen lots of new construction on homes start but the last month or so it is either stopped or slowed down to a snails pace.

In 2008 I had a nest egg and waited to long hope each month would get better and killed my nest egg. Now I won't and can't wait like 2008.

Reply by Larry/IL on 9/10/13 8:45am
Msg #483913

NSAs better have a plan B

The economy is still in the dumps and very fragile. The affordable care act is going to cost companies and individuals a lot of extra money. The unemployed may stay that way a lot longer and more unemployment is on the way. I hope it isn't true but from what I have been reading, there could be rough times ahead for many.


The proposed HARP 3 might help a little but it's not even in the works. Could be too little too late.

Reply by RonnieB/NC on 9/10/13 6:27pm
Msg #484061

BOA got cut today from the DOW Jones because of under performance. They were one of three companies. The others were Alcoa Inc and Hewlett Packard. Nike, Visa and Goldman Sachs is now trading on the Dow Jones Index.
The way that BOA will make their money is by charging different fee to customers for everything.