NEW YORK -(MarketWatch)- Bank of America Corp. BAC, -3.88% is eliminating 1,500 jobs in its mortgage. industry downturn in mortgage origination," Frahm said. "We need to realign our cost structure.

NEW YORK (MarketWatch) — Bank of America Corp. Inc. BAC, +1.58% will cut approximately 3,000 mortgage jobs in the fourth-quarter as it looks to make cutbacks in its expenses, said a person.

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The cuts come on the heels of mortgage finance staff reductions at other big banks, including Wells Fargo and Citigroup, as fewer customers refinance mortgages due to higher interest rates. The Wall Street Journal reported that Bank of America plans to eliminate 3,000 mortgage jobs in all in the fourth quarter.

Bank of America cuts 3,000 jobs. A retrenchment at Bank of America was widely expected after a $1.46 billion trading loss led to a 93 percent decline in third-quarter profit from corporate and investment banking. That limited overall profit to $3.7 billion, well below Wall Street forecasts. "It’s a positive sign," said Mark Batty,

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The cuts come on the heels of mortgage finance staff reductions at other big banks, including Wells Fargo and Citigroup, as fewer customers refinance mortgages due to higher interest rates. The Wall Street Journal reported that Bank of America plans to eliminate 3,000 mortgage jobs in all in the fourth quarter.

By Peter Rudegeair (Reuters) – Bank of America Corp said on Thursday that it was cutting up to 4,000 mortgage jobs as fewer borrowers refinance, and fewer home loans go bad.. The layoffs are the latest round of job cuts at major banks as rising mortgage rates cut into demand for refinancing home loans.

. on Oct. 17 that it is cutting 925 mortgage jobs as a result of slower activity. Bank of America Corp., which lost $1 billion in its mortgage business during the third quarter, said Thursday it.

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By the end of the year, Bank of America plans to cut another 3,000 jobs. The bulk of those will be in its unit that handles troubled mortgages, such as foreclosures or loan modifications, as the.