Major Mortgage Lender Looking to Cut 40K Jobs

PALM BEACH, FL - FEBRUARY 25:  Valentina Marti...Image by Getty Images via @daylife

Bank of America (BoA) is looking to cut up to 40,000 jobs over the next several years to work towards higher profits.

BoA is one of the largest holders/servicers of US mortgage is reporting considering cutting an additional 40,000 jobs to address loss of profits for the last several financial quaters that resulted in losses. Currently handling aproximately US$1 Trillion of problem mortgages the financial giant is looking to add to the workload that they currently are having problems dealing with.

In my opinion BoA needs to be hiring MORE people to handle the current workload of problem mortgages, enhance their customer service and timeliness of their processing of these mortgages. They made or took on these obligations and need to properly address these difficulties and letting go workers is not the way to improve the current situation which fustrates and maddens current homeowners.

In the current financial situation of BoA the search to return to profitablity is understandable but cutting the workforce that is having to handle all the problem mortgages is not the answer. It'll be interesting to see how the market & public respond to this idea and how it will effect the current mortgage situation.
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