Bank of America to cut hundreds of legacy servicing staff

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Lending giant Bank of America reduced its appraisal unit staff by 5% last month, Bloomberg reported.

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Bank of America’s Legacy Asset Servicing division initiates foreclosure proceedings and deals with investors who want to buy back troubled mortgages. But with fewer individuals now at risk of facing foreclosure, the $1.5 trillion-asset company has been trimming staff. Last summer, Bank of America cut 540 mortgage jobs from its LAS division.

In a recent report from Moody’s Investor Service, the agency noted that "legacy and litigation costs have significantly eroded earnings and increased earnings volatility" at Bank of America and that the bank "suffered from significantly higher cumulative legacy and corporate costs relative to total earnings than its largest U.S. peers.

“He gave a whole list of concerns. that we’re going to freeze to death and the solution is to cut off emergency. and internet service is limited. Banks are feeling the heat from the protests and.

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"Bank of America Merrill Lynch" is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC.

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It takes time for employees to adapt to new structures, and a great deal of tacit. such as obsolete local and regional headquarters and legacy IT infrastructures.. The lesson we've drawn from our work with hundreds of organizations on strategy maps. Today, megabanks like Citigroup and Bank of America create scale.