Tomahawk, WI 02/17/2014 (BasicsMedia) – The second largest bank in America, Bank of America Corp (NYSE:BAC) seem to be in advanced stages of engaging in cost cutting measures that has seen up to 450 employees losing their jobs recently. Employees mostly affected by the new cuts are those working at the home mortgage offices in West Coast. The west coast offices have not been performing as expected thus the unexpected move by the bank.

Affected employees have already been issued with a note, for termination of their contracts with the cut expected to affect employees who dealt with new home loans. Offices that have been highly hit with the new cuts include offices in Concord and Pasadena which will be closed entirely. This marks the fourth time that Bank of America Corp (NYSE:BAC) has engaged in such plans as it tries to slash its wage bills for entities that are not performing as expected.

Bank of America retail drops by 49%

The recent job cuts have mostly been necessitated by the bank retail revenues having dropped by 49% to lows of $11.6 billion in the fourth quarter alone. It is not only, Bank of America Corp (NYSE:BAC) that has been dismissing its labor force but JPMorgan Chase & Co and Wells Fargo & Co have also been engaging in job cuts measures in  some of their entities that have been performing below par. Higher interest rates have greatly affected refinancing thereby reducing most banks revenues.

A spokesman of the bank maintains the measures have been ongoing as the bank tries reduce size of operation while also resolving legacy issues and trying to simplify the company’s operation. The recent termination will take effect immediately with the employees being eligible for a two month salary and severance pay. Recent job cuts were carried out in the months of August, October and January and already seen up to 3000 employees lose their jobs

 Bank of America renews relationship with CBRE Group, Inc.

CBRE Group, Inc. have announced the renewal of their partnership with Bank of America in  an agreement that will see CBRE Group provide transaction , facility management and consultancies services for BAC across Europe Asia and Middle East. Under the new agreement, coverage by CBRE Group will involve other key emerging markets notably South Africa and Taiwan.

Bank of America Corp (NYSE:BAC) closed the week on Friday by trading marginally, the company’s shares slumped by 0.30% to close the week at $16.70 a share.

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