For the fourth time in a year, Bank of America has trimmed personnel amid slack demand for home loans. Retail originations sank 49 percent to $11.6 billion in the fourth quarter, Chief Financial Officer Bruce Thompson said on Jan. 15.
Affected employees were told yesterday about the eliminations, which involve workers who process new home loans, said the people, who asked for anonymity because the dismissals haven’t been made public. California locations that will lose workers include an office in Concord, and another in Pasadena that will be shut entirely, the people said.
The terminations are immediate, with employees receiving salaries for two months and eligible for severance pay afterward, the people said. Other offices closed this year include sites in Las Vegas and St. Charles, Missouri, the people said.
JPMorgan Chase & Co. and Wells Fargo & Co. have also been dismissing people as higher interest rates discourage the refinancings that banks rely on to fuel profits.
"The definition of infinity is that you wait long enough, everything happens." ~ Lloyd Blankfein, Goldman Sachs CEO since 2006 and the sub-prime mortgage crisis.
Current US Population 317M: One birth every 8 seconds, One death every 12 seconds, One international migrant (net) every 36 seconds, Net gain of one person every 15 seconds
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February 2014 Business Outlook The survey’s broadest measure of manufacturing conditions, the diffusion index of current activity, decreased from a reading of 9.4 in January to -6.3 this month.