Bank of America stops wholesale lending
Bank of America published yesterday it will exit offering its consumer home mortgages through brokers by the end of 2007.
Result are Bank of America job cuts and lay offs of 700 jobs.
Just on Wednesday the U.S. bank announced cuts of 3000 jobs due to a poor quarter in investment banking.
There was 32% drop in quarterly profits.
- October 26th, 2007 | Tags: Bank of America Economy-News, news
Provides banking and financial services to individuals, small businesses, and commercial, corporate, and institutional clients. Online banking overview from Bank of America. View and track your accounts, transfer money, and pay bills online. Bank of America Corporation (NYSE: BAC TYO: 8648), based in Charlotte, North ... 1.5.4 Acquisition of ABN AMRO North America and LaSalle Bank ... Bank of America Corp. Chief Executive Officer Kenneth Lewis recommended that he and other senior executives not receive bonuses after five straight quarters of declining profit. The latest example is Merrill Lynch (MER) Chief Executive John Thain. The Wall Street Journal reported on Dec. 8 that Merrill's board is resisting Thain's request for a bonus of up to $10 million. In Bob McCann, the head of the brokerage force at Merrill Lynch, plans to leave just days after its acquisition by Bank of America was completed.
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